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University of Michigan puts $80 million with hedge fund-of-funds manager

University of Michigan, Ann Arbor, will invest $80 million in a hedge fund-of-funds managed by HighVista Strategies.

Regents approved the investment with HighVista, a new manager for the university's $10.9 billion long-term portfolio, at a meeting on Thursday.

HighVista's “hedge fund portfolio is comprised of blue-chip (hedge fund manager) names, several of which are closed to new capital,” said Kevin. P. Hegarty, senior vice president and UM's chief financial officer, in an investment recommendation report to regents.

“HighVista's deep understanding and industry ties provide it an advantage in identifying and accessing emergent talent within the hedge fund industry,” he added.