University of Michigan, Ann Arbor, disclosed $233 million in alternative investments from its $12.4 billion long-term endowment pool ahead of its Board of Regents meeting on Thursday.
The commitments were made from June through August to seven alternative investment strategies of existing fund managers. UM's investment office has authority to invest in new funds and strategies offered by existing managers without approval by the board, board documents show.
In June, the university committed $10 million to the Zell Equity International VI Andean Tower Partners Co-Investment, managed by Zell Equity International, to build "the largest private tower company in the Andean region," according to board documents. Another $3 million was invested in CNK Fund I, managed by Andreessen Horowitz, to invest in crypto-technology companies.
In July, UM committed $50 million to the Kuramo Africa Opportunity Fund III and Kuramo Africa Opportunity Co-Investment Vehicle III, companion funds managed by Kuramo Capital Management that focus on investment opportunities in sub-Saharan Africa. The fund of funds will commit capital to smaller, regional and sector-specific managers.
Also receiving $50 million each were TCV X, a venture capital fund that invests in expansion and late-stage technology companies managed by Technology Crossover Ventures, and Carmel Partners Fund VII, a real estate fund specializing in multifamily investments in select supply-constrained U.S. markets.
Also in July, the university endowment committed $20 million to Mosaic Ventures II, a London-based venture capital fund investing in early stage information technology companies in Europe.
In August, UM committed $50 million to KHP Fund V, a real estate fund managed that will acquire and operate boutique hotels in select major North American markets. The fund expects to invest in seven to 10 properties; exits will be made through individual asset sales or a portfolio sale.