University of Houston System committed or invested a total of $53 million with six managers on behalf of its $683 million endowment.
According to a webcast of the Feb. 28 endowment management committee meeting, the system invested $15 million with long/short equity manager Nitorum Capital. Assets for the hedge fund allocation come from a full redemption from long/short equity fund Highline Capital International, managed by Highline Capital Management, due to organizational changes and performance concerns. Highline Capital officials could not be immediately reached to provide comment.
In private equity, the system committed $10 million to Blackstone Real Estate Partners Europe VI, a European opportunistic real estate fund managed by Blackstone Group. The system previously committed $7.5 million to Blackstone Real Estate Partners V in 2016.
Also in private equity, the system committed $7.5 million each to Advent Global Private Equity IX, a buyout fund managed by Advent International; Dover Street X, a secondary private equity fund of funds managed by HarbourVest Partners; and Trident VIII, a buyout fund managed by Stone Point Capital; and $5 million to Clear Ventures II, an early stage venture capital fund.
The system previously committed $6 million to Advent Global Private Equity VIII and $7.5 million to Dover Street IX, both in 2015, and $7.5 million to Trident VII in 2016. Clear Ventures is a new manager for the endowment.
As of Dec. 31, the actual allocations to hedge funds and private equity/venture capital were 23% and 14%, respectively.
Investment consultant Cambridge Associates assisted.
A system spokeswoman could not be immediately reached to provide further information.
