University of Michigan, Ann Arbor, announced Thursday commitments totaling $169 million to six new alternative investment funds and two separate accounts managed by existing managers of the university's long-term portfolio that had been made in 2017 and early 2018. Also at the meeting, the investment office also requested a commitment of $30 million to one new alternative fund.
UM's investment office has authority to invest in new funds and strategies offered by existing managers without approval by the board, said a report issued by Kevin P. Hegarty, executive vice president and chief financial officer of the university's $11.3 billion long-term endowment pool.
In May 2017, the university committed $25 million to McLarty Capital Partners SBIC II, a credit fund. In June 2017, it committed $25 million to Anagenesis Capital Partners SBIC, a credit fund.
In November 2017, the university committed $12 million each to unleveraged separate accounts managed by McLarty and Anagenesis.
In February 2018, the university committed $40 million to Thackeray Partners Realty Fund V, a real estate fund; an additional $25 million to Siguler Guff Brazil Special Situations Fund, managed by Siguler Guff & Co.; and $10 million to a co-investment opportunity offered by Zell Equity International Fund VI, a real estate fund.
In March 2018, it committed $20 million to Trilantic Capital Partners VI (North America), a buyout fund.
Also, Mr. Hegarty recommended at its Thursday meeting that the board approve a commitment of $30 million to Kayne Anderson Real Estate Debt III, a private real estate debt fund managed by Kayne Anderson Real Estate Advisors.
