University of Texas Investment Management Co., Austin, invested or committed a total of $1.449 billion to new and existing external money managers and redeemed an aggregate $708 million in the three months ended Nov. 30, according to an investment transaction report presented to the firm's board of directors on Thursday.
The largest single investment in the quarter was $400 million to fixed-income manager Colchester Global Investors.
Allocations of $100 million each were committed to an emerging markets equity strategy managed by AR Capital Private, an Asian equity specialist; OZ Credit Opportunity Fund, managed by Och-Ziff Capital Management Group; Wheelock Street Real Estate Fund; and Post Oak Energy Partners.
Additionally, a total of $424 million was invested in a mixture of new and existing hedge fund and venture capital managers, among other investments, according to the transaction report.
Bruce Zimmerman, UTIMCO's CEO and chief investment officer, did not respond to a request for an interview concerning the Feb. 2 UTIMCO board meeting.
UTIMCO managed a total of $19.1 billion in endowment funds and $6.6 billion in operating funds, both as of Dec. 31, for the University of Texas System, Austin, and Texas A&M University System, College Station. UTIMCO's fiscal year ends Aug. 31.
Separately, an investment report at the meeting showed UTIMCO's largest endowment pool, the $12.3 billion Permanent University Fund, was down 0.02% for 2011 while the $6.7 billion General Endowment Fund was up 0.03%.
Annualized returns of the permanent fund for periods ended Dec. 31 were 11.56% for three years, 7.78% for five years and 6.78% for 10 years. The general fund returned 11.56% for three years, 2.86% for five years and 6.8% for 10 years, also for periods ended Dec. 31.
On a fiscal-year basis, both endowment funds were down for the quarter ended Nov. 30. The permanent fund return was -2.63% and the general fund, -2.66%, according to UTIMCO materials.
However, for the 12 months ended Aug. 31, the permanent fund returned 14.62% and the general fund, 14.74%, according to UTIMCO's 2011 annual report.