University of Michigan, Ann Arbor, committed $148 million total to four funds run by existing managers of the $10.9 billion long-term portfolio of the university's endowment.
The university committed $50 million to Stabilis Fund V, a distressed debt real estate fund managed by Stabilis Capital Management that focuses on small-balance credit obligations backed by hard assets, said Kevin P. Hegarty, UM's executive vice president and chief financial officer, in a report prepared for the university regent's meeting Thursday.
Also, $38 million was committed to buyout fund Silver Lake Partners V and $35 million was committed to SG Growth Partners IV, a growth equity fund managed by Stripes Group.
An additional $25 million was committed to private real estate debt fund U.S. Real Estate Credit Offshore Fund III, managed by Calmwater Asset Management and formerly known was Calmwater Real Estate Credit Fund III. The university previously committed $50 million to Calmwater Real Estate Credit Fund III in 2015.