University of Michigan endowment makes 6 investments/commitments

University of Michigan regents on Thursday approved hiring Evermore Global Advisors to manage $50 million in active emerging and developed European markets equity from the $8.2 billion endowment, according to meeting documents.

Also approved at the meeting was a first-time investment with Jacobs Asset Management. The Ann Arbor-based endowment committed $30 million to private equity fund JAM Special Opportunities Fund III.

Timothy P. Slottow, the university's executive vice president and chief financial officer, reported that staff members made the following commitments to alternative investments:

  • In venture capital, $35 million was committed to TCV VIII, managed by Technology Crossover Ventures. Prior commitments to four earlier TCV funds totaled $110 million.
  • In natural resources specialist private equity, $6.5 million was committed to SCF Fund VIII and an additional $1 million was committed to SCF Fund VII. The prior commitment to SCF Fund VII totaled $5 million. Both funds are managed by SCF Partners.
  • SSC IV received a $25 million commitment for investment in office properties in Los Angeles, San Francisco, Silicon Valley in California, Boston and Chicago. Commitments to three previous real estate funds managed by Spear Street Capital from the university totaled $65 million.