University of Michigan’s board of regents approved four new commitments totaling up to $164 million from the Ann Arbor-based university’s $10.1 billion long-term endowment pool.
The board committed $50 million each to Emet Capital Fund I, a distressed debt fund that invests in distressed municipal revenue bonds managed by Emet Capital Management; and Visium Healthcare Partners, a private equity fund that invests in the health-care industry and is managed by Visium Asset Management.
The board also committed €35 million ($39 million) to RiverRock European Opportunity Fund II, a U.K.-based direct lending fund; and $25 million to Silversmith Capital Partners I, a private equity fund that invests in technology and health-care companies.
The board approved the requests for actions from Kevin P. Hegarty, the university’s executive vice president and chief financial officer, at its meeting July 16.
Separately, the board approved the hiring of Otus Capital Management to run $50 million in European microcap equities.
Also, the university’s investment management division informed the board of commitments it was approved to make to funds from previously approved managers with the same investment strategy and core personnel as their previous funds.It committed $50 million to Kayne Private Energy Income Fund, a natural resources private equity fund managed by Kayne Anderson Capital Advisors, C$30 million ($24 million) to ARC Energy Fund 8, a natural resources private equity fund managed by ARC Financial Corp., and $20 million to H. Barton Venture Select II, a venture capital fund of funds managed by H. Barton Asset Management.
Separately, the board approved a request from Mr. Hegarty to give the investment management division the authority to approve up to three new investment managers a year, with a limit of no more than 1% of the long-term portfolio for any one investment.
