University of Michigan, Ann Arbor, committed or invested a total of $343 million in seven investment strategies from its $10.1 billion long-term endowment pool.
University regents approved investments with four new money managers, according to materials from a board meeting on Thursday.
In hedge funds, $100 million was allocated to Alyeska Investment Group’s market-neutral long/short equity fund, said Kevin P. Hegarty, executive vice president and chief financial officer, in a meeting report.
The Windacre Partnership received $100 million for investment in its highly concentrated, long-only portfolio of undervalued businesses based primarily in the U.S. and Western Europe.
Regents also approved a $35 million commitment to private equity manager Lovell Minnick Partners for investment in the firm’s Lovell Minnick Equity Partners IV, a buyout fund focused on investment in private lower middle-market financial companies.
Mr. Hegarty reported to regents about four commitments totaling $108 million made by UM’s investment division to new funds offered by existing alternative investment managers.
In private equity, endowment investment staff committed $40 million to EQT VII, managed by EQT Partners, which will invest in medium- to large-sized companies primarily in Denmark, Finland, Norway, Sweden and Germany.
Private equity manager Madison Dearborn Partners received a $35 million commitment for Madison Dearborn Capital Partners VII, a growth equity and buyout fund that will invest in the U.S. and Canada in the following sectors: basic industries, business and government services, consumer, financial and transaction, health care and telecommunications, media and technology services.
From the real estate portfolio, UM investment officers also committed $3 million to Daniel Island Co-Investments, offered by Crow Holdings Capital Partners, which is selling about 550 residential lots in a mixed-use community near Charleston, S.C.
Finally, regents were told of a $30 million commitment to venture capital fund Foresite Capital Fund III, which will seek investments in late-stage U.S. health care public and private companies.
