Searches and hires

University of Michigan puts $170 million to alts strategies

Regents of the University of Michigan, Ann Arbor, approved commitments and investments totaling $170 million to three alternative investment strategies at a meeting Thursday.

The largest commitment from the university's $11.1 billion long-term endowment pool was $100 million to Siguler Guff Brazil Special Situations Fund.

Portfolio managers of the litigation finance fund will focus on investment in legal claims against the Brazilian government after unappealable court decisions ruled the claims to have merit, said Kevin P. Hegarty, executive vice president and UM's chief financial officer, in an investment recommendation report to regents.

Woodside Capital Partners was awarded a $50 million commitment to Woodside Special Opportunity Fund, which will seek stressed and distressed commercial real estate properties in the U.S. with below-market occupancy for renovation and resale.

Also approved was a $20 million investment in long/short equity hedge fund Tappan Street Partners.

The firm "employs a disciplined, extensive, bottom-up research process to identify compelling, catalyst-driven opportunities to invest in securities trading significantly below their intrinsic value, according to Mr. Hegarty's report.