University of Michigan, Ann Arbor, committed a total of $103.2 million to three private investment funds and invested $20 million in a public equity strategy from its $10.2 billion long-term endowment pool.
Commitments made to some existing managers by the university's investment office were provided to university regents in preparation for their Thursday meeting by Kevin P. Hegarty, executive vice president and chief financial officer, agenda materials showed.
The largest commitment was $50 million to Acadia Investors V, a core real estate fund managed by Acadia Realty Trust that will focus on investment in retail properties in U.S. high-barrier-to-entry markets primarily along the East Coast and in Chicago.
CBPE Capital Partners IX B received a £24.8 million ($30.2 million) commitment from the long-term endowment pool. The private equity fund invests in management buyouts of U.K.-based midmarket companies. “CBPE will focus on sectors in which the investment team has prior experience, including the distribution, manufacturing, logistics, finance and services sectors,” Mr. Hegarty said in his report.
A total of $23 million will be split between Andreessen Horowitz Fund V and Andreessen Horowitz Parallel Fund V for investment primarily in information technology companies offering consumer Internet services, enterprise software and infrastructure software. The main fund will invest in both early- and late-stage companies, while the parallel fund will mostly invest in later-stage companies.
UM investment officials also invested $20 million in Prince Street Capital Management's PS Latin America Offshore strategy. Portfolio managers will combine bottom-up fundamental analysis with top-down macroeconomic and political views to invest in frontier and emerging markets equities in Latin America, according to Mr. Hegarty's report.