University of Michigan endowment invested or committed a total of $179 million to five managers from its $9.1 billion long-term portfolio.
Regents approved the investments and commitments at their meeting Feb. 20, according to meeting documents on the Ann Arbor-based university's website.
GoodHaven Capital Management was hired to run $100 million in active domestic equity. The strategy looks for buying opportunities in stocks that have experienced negative publicity, according to a report from Timothy P. Slottow, the university's executive vice president and chief financial officer.
The endowment also committed $25 million to Cabot Industrial Value Fund IV, which invests in industrial property limited partnerships and is managed by Cabot Properties; €15 million ($20.6 million) to TDR Capital III, a private equity fund focused on middle-market companies in Europe; $20 million to Foresite Capital Fund II, a late-stage health-care venture capital fund managed by Foresite Capital Management; and $13.4 million to Lone Star Fund VIII, a private equity distressed debt fund managed by Lone Star Funds.
