University of Michigan, Ann Arbor, committed about $48 million total to two alternatives funds.
Investment staff committed €25 million ($28 million) to Bridgepoint Europe V, a middle-market buyout fund, said Douglas L. Strong, interim executive vice president and chief financial officer of the university, in a report presented to UM’s board of regents at its Thursday meeting.
Investment staff has discretion to commit to new funds that use the same strategy offered by existing managers. The Bridgepoint commitment did not require the regents’ approval.
Separately, the regents approved a recommendation from Mr. Strong to commit $20 million to the Turner Multifamily Impact Fund on behalf of the university’s $9.8 billion endowment.
The real estate fund will “acquire, improve and preserve workforce rental housing in densely populated, ethnically diverse, underserved urban communities,” and is managed by Turner Impact Capital, Mr. Strong’s report said.
As of Jan. 31, the endowment had a 41% allocation to alternative investments.
