University of North Carolina at Chapel Hill committed $32 million to distressed debt funds and $10 million to MetWest Asset Management for a high-yield fund, said Mark Yusko, chief investment officer. For distressed debt, the $1 billion endowment committed $10 million each to Oaktree Capital Management and Credit Suisse First Boston Private Equity; $7 million to Contrarian Capital Management; and $5 million to Lend Lease Investment Management. Funding came from rebalancing. The enhanced fixed-income portfolio, which includes high yield and distressed bonds, was raised to 11% of assets from 5%, Mr. Yusko said. Domestic equities were cut to 15% of total assets from 20%, and international equities to 12% from 15%.