University of Michigan, Ann Arbor, committed a total of $109 million from its $9.6 billion long-term endowment pool to four private investment funds.
In preparation for an April 21 meeting of the board of regents, Kevin P. Hegarty, executive vice president and chief financial officer, announced new commitments to some of the fund’s existing managers made by the university’s investment office, board documents showed.
In venture capital, it committed $40 million to Technology Crossover Ventures IX, which will invest globally in expansion and late-stage technology companies, particularly in the Internet, software, infrastructure and services sectors.
UM also committed $25 million to Matrix Partners China IV, a venture capital fund that will invest in technology companies in Internet and digital media sectors that are expected to benefit from the growth of China’s middle class.
In real estate, the endowment committed $40 million to residential multifamily housing-focused fund IMT Capital Fund IV, which has a focus on western and southern U.S. markets.
UM’s investment officials also committed $4 million to a new co-investment, managed by Magna Hospitality Group that will acquire the Residence Inn in the “Old Town” section of Alexandria, Va. The investment is being made alongside Magna Hotel Fund V, to which the endowment committed $30 million in January 2015.