Skip to main content
MENU
Subscribe
  • Sign Up Free
  • LOGIN
  • Subscribe
  • Topics
    • Alternatives
    • Consultants
    • Coronavirus
    • Courts
    • Defined Contribution
    • ESG
    • ETFs
    • Face to Face
    • Hedge Funds
    • Industry Voices
    • Investing
    • Money Management
    • Opinion
    • Partner Content
    • Pension Funds
    • Private Equity
    • Real Estate
    • Russia-Ukraine War
    • SECURE 2.0
    • Special Reports
    • White Papers
  • Rankings & Awards
    • 1,000 Largest Retirement Plans
    • Top-Performing Managers
    • Largest Money Managers
    • DC Money Managers
    • DC Record Keepers
    • Largest Hedge Fund Managers
    • World's Largest Retirement Funds
    • Best Places to Work in Money Management
    • Excellence & Innovation Awards
    • WPS Innovation Awards
    • Eddy Awards
  • ETFs
    • Latest ETF News
    • Fund Screener
    • Education Center
    • Equities
    • Fixed Income
    • Commodities
    • Actively Managed
    • Alternatives
    • ESG Rated
  • ESG
    • Latest ESG News
    • The Institutional Investor’s Guide to ESG Investing
    • ESG Sustainability - Gaining Momentum
    • Climate Change: The Inescapable Opportunity
    • Impact Investing
    • 2022 ESG Investing Conference
    • ESG Rated ETFs
  • Defined Contribution
    • Latest DC News
    • DC Money Manager Rankings
    • DC Record Keeper Rankings
    • Innovations in DC
    • Trends in DC: Focus on Retirement Income
    • 2022 Defined Contribution East Conference
    • 2022 DC Investment Lineup Conference
  • Searches & Hires
    • Latest Searches & Hires News
    • Searches & Hires Database
    • RFPs
  • Performance Data
    • P&I Research Center
    • Earnings Tracker
    • Endowment Returns Tracker
    • Corporate Pension Contribution Tracker
    • Pension Fund Returns Tracker
    • Pension Risk Transfer Database
    • Future of Investments Research Series
    • Charts & Infographics
    • Polls
  • Careers
  • Events
    • View All Conferences
    • View All Webinars
    • 2023 Defined Contribution East
    • 2023 ESG Investing
Breadcrumb
  1. Home
  2. INVESTING & PORTFOLIO STRATEGIES
September 25, 2012 01:00 AM

University of Michigan endowment pledges up to $110 million to alternatives

Christine Williamson
  • Tweet
  • Share
  • Share
  • Email
  • More
    Reprints Print

    University of Michigan Board of Regents, Ann Arbor, approved commitments totaling $45 million to two new private fund managers from the $7.7 billion long-term endowment fund, among up to $110 million in alternatives commitments.

    A $20 million commitment was made to Shoreline China Value II, which will invest in distressed and special situations credit and debt securities in mainland China, according to a memo from Timothy P. Slottow, executive vice president and CFO, to the regents for their Sept. 20 meeting.

    The fund is managed by Shoreline Capital Management which is a new manager for the endowment fund.

    The Chinese financial system is in “an early stage of development,” and legal enforcement by the country's government might impact returns of the distressed investments in the fund, Mr. Slottow explained in his note.

    Shoreline Capital's on-the-ground team in China has “expertise in sourcing attractive opportunities where legal enforcement risk is minimized. … Shoreline seeks to understand the political sensitivity of the underlying assets that determines the likelihood of enforceability,” Mr. Slottow wrote.

    Regents also approved a $15 million commitment in Magna Hotel Fund IV, which is managed by another new manager for UM, Magna Capital Management. The fund will make opportunistic investments in hotels in primary markets such as New York, Boston and Washington, as well as in suburban U.S. and Canadian markets.

    An additional $10 million commitment was approved for co-investment deals that Magna Capital will offer to limited partners in the fund when a hotel acquisition is larger than the fund's set limits, Mr. Slottow wrote. The co-investment deals will have more attractive terms than those of the commingled fund, the memo said.

    UM investment staff also made commitments to funds from three existing private fund managers, according to Mr. Slottow's report.

    Chengwei Ventures Evergreen Fund received a $20 million commitment with an additional $10 million on a “standby basis” if more money is needed to fund larger investments in entrepreneurial Chinese companies, Mr. Slottow reported. The university made commitments totaling $42 million to previous Chengwei Capital venture capital funds.

    Advent International Global Private Equity VII was awarded $20 million for private equity investments in industries including technology, media, telecommunications and health-care services companies in North America, the U.K. and Europe. Mr. Slottow told regents that UM committed a total of $110 million to previous Advent International funds.

    An additional $15 million commitment was made to private equity fund Russia Partners Technology Fund. Previous commitments to the fund totaled $40 million. The fund makes equity investments in businesses “related to technology and innovation in Russia and countries of the former Soviet Union, as well as companies which will implement global technologies throughout Russia” and former Soviet republics, Mr. Slottow's report said. The private equity fund is affiliated with Siguler Guff & Co.

    Rafael E. Castilla, director of risk management in the university's investment office, did not return a call seeking more information about the new private fund commitments.

    Related Articles
    University of Michigan commits to venture cap, Turkish real estate funds
    University of Michigan endowment commits to real estate-related funds
    University of Michigan likely to invest in 4 in-state companies
    University of Michigan endowment commits $55 million
    University of Michigan endowment dips in fiscal year
    University of Michigan OKs $85 million to 3 alternatives managers
    University of Michigan makes alternatives commitments
    University of Michigan picks managers to run a total of $274 million
    Recommended for You
    More funds testing water on crypto-related assets
    More funds testing water on crypto-related assets
    Money managers eager to make leap to opportunity zone investing
    Money managers eager to make leap to opportunity zone investing
    Index investing: Not as passive as you might think
    Index investing: Not as passive as you might think
    Research for Institutional Money Management
    Sponsored Content: Research for Institutional Money Management

    Reader Poll

    January 25, 2023
    SEE MORE POLLS >
    Sponsored
    White Papers
    The Future of Infrastructure: Building a Better Tomorrow
    Fulcrum Issues: Equity Returns and Inflation — Choose Your Own Adventure
    What Matters Most in Considering a Private Debt Strategy
    Why pursue direct lending in the core middle market?
    Research for Institutional Money Management
    Are Factors a Thing of the Past?
    View More
    Sponsored Content
    Partner Content
    The Industrialization of ESG Investment
    For institutional investors, ETFs can make meeting liquidity needs easier
    Gold: the most effective commodity investment
    2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios
    Ten ways retirement plan professionals add value to plan sponsors
    Gold: an efficient hedge
    View More
    E-MAIL NEWSLETTERS

    Sign up and get the best of News delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    Subscribe Today
    December 12, 2022 page one

    Get access to the news, research and analysis of events affecting the retirement and institutional money management businesses from a worldwide network of reporters and editors.

    Subscribe
    Connect With Us
    • RSS
    • Twitter
    • Facebook
    • LinkedIn

    Our Mission

    To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market.

    About Us

    Main Office
    685 Third Avenue
    Tenth Floor
    New York, NY 10017-4036

    Chicago Office
    130 E. Randolph St.
    Suite 3200
    Chicago, IL 60601

    Contact Us

    Careers at Crain

    About Pensions & Investments

     

    Advertising
    • Media Kit
    • P&I Content Solutions
    • P&I Careers | Post a Job
    • Reprints & Permissions
    Resources
    • Subscribe
    • Newsletters
    • FAQ
    • P&I Research Center
    • Site map
    • Staff Directory
    Legal
    • Privacy Policy
    • Terms and Conditions
    • Privacy Request
    Pensions & Investments
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • Topics
      • Alternatives
      • Consultants
      • Coronavirus
      • Courts
      • Defined Contribution
      • ESG
      • ETFs
      • Face to Face
      • Hedge Funds
      • Industry Voices
      • Investing
      • Money Management
      • Opinion
      • Partner Content
      • Pension Funds
      • Private Equity
      • Real Estate
      • Russia-Ukraine War
      • SECURE 2.0
      • Special Reports
      • White Papers
    • Rankings & Awards
      • 1,000 Largest Retirement Plans
      • Top-Performing Managers
      • Largest Money Managers
      • DC Money Managers
      • DC Record Keepers
      • Largest Hedge Fund Managers
      • World's Largest Retirement Funds
      • Best Places to Work in Money Management
      • Excellence & Innovation Awards
      • WPS Innovation Awards
      • Eddy Awards
    • ETFs
      • Latest ETF News
      • Fund Screener
      • Education Center
      • Equities
      • Fixed Income
      • Commodities
      • Actively Managed
      • Alternatives
      • ESG Rated
    • ESG
      • Latest ESG News
      • The Institutional Investor’s Guide to ESG Investing
      • ESG Sustainability - Gaining Momentum
      • Climate Change: The Inescapable Opportunity
      • Impact Investing
      • 2022 ESG Investing Conference
      • ESG Rated ETFs
    • Defined Contribution
      • Latest DC News
      • DC Money Manager Rankings
      • DC Record Keeper Rankings
      • Innovations in DC
      • Trends in DC: Focus on Retirement Income
      • 2022 Defined Contribution East Conference
      • 2022 DC Investment Lineup Conference
    • Searches & Hires
      • Latest Searches & Hires News
      • Searches & Hires Database
      • RFPs
    • Performance Data
      • P&I Research Center
      • Earnings Tracker
      • Endowment Returns Tracker
      • Corporate Pension Contribution Tracker
      • Pension Fund Returns Tracker
      • Pension Risk Transfer Database
      • Future of Investments Research Series
      • Charts & Infographics
      • Polls
    • Careers
    • Events
      • View All Conferences
      • View All Webinars
      • 2023 Defined Contribution East
      • 2023 ESG Investing