University of North Carolina at Chapel Hill committed $10 million each to Energy Investors Fund and ArcLight Energy Partners Fund I, and $15 million to Oaktree Distressed Debt Fund 4-B. Funding will come from cash, said Mark Yusko, president of UNC Management, which runs the endowment’s $1 billion in assets.
Separately, the endowment, as part of a rebalancing, increased its exposure to real estate and enhanced fixed income and cut its domestic equity exposure, said Mr. Yusko. Real estate now stands at 10% of total assets, up from 7.5%, and enhanced fixed income, 7.5%, up from 5%. Domestic equity was cut to 20%, from 25%; and the endowment also lowered its absolute return exposure to 9%, from 13%, to return to its 10% target for the asset class.
