University of Michigan, Ann Arbor, hired Kiltearn Partners to run $100 million in actively managed global value equity for the university's $8.5 billion long-term endowment pool.
University regents approved the investment recommendation of Timothy P. Slottow, the university's executive vice president and chief financial officer, at their meeting on Thursday.
Regents also received information about a total of $79 million of commitments to alternative investment funds that were made by the endowment's investment staff, according to a meeting report from Mr. Slottow.
UM committed €15 million ($20 million) to Permira V, a private equity fund managed by Permira Advisers. The fund will focus on investment in European buyouts of mid- to large-cap companies serving European and growth markets elsewhere in the world, Mr. Slottow said in his report.
Matrix X, a venture capital fund that invests in early stage technology companies, received a $19 million commitment from the long-term endowment pool. The fund's manager is Matrix Partners.
In real estate, $15 million each was committed to IMT Capital Fund III and IndoSpace Logistics Park II fund, managed by Realterm Everstone.
IMT Capital III will invest in multifamily housing properties in major markets in the western and southern U.S.
The IndoSpace fund is run from Mumbai, and develops and acquires light manufacturing and industrial properties in seven major real estate markets in India.
UM committed an additional $10 million to the IndoSpace team for co-investment opportunities, Mr. Slottow wrote in his report.
