University of Houston System committed or invested $18.5 million total with two alternatives managers on behalf of its endowment.
In hedge funds, the system invested $11 million in AQR Capital Management’s Style Premia Alternative strategy, according to a webcast of Thursday’s endowment management committee meeting.
In private investments, the system committed $7.5 million to Embarcadero Capital Investors V, a real estate fund that will invest in West Coast office buildings. Embarcadero Capital Partners is looking to raise $300 million, and a final close is expected in the third quarter, according to the board meeting materials.
As of March 31, the $562.6 million endowment had a near-term target asset allocation of 15% each hedged equity and absolute return and 10% private investments, and a long-term target allocation of 10% each hedged equity and absolute return and 25% private investments.