Updated with correction
University of Houston System's endowment management committee on Thursday approved manager hirings and commitments totaling $21 million on behalf of the system's $730 million endowment.
According to a webcast of its meeting, the committee approved hiring Edgbaston Investment Partners to run $9 million in active Asia-Pacific ex-Japan equities.
Funding comes from the termination for underperformance of J O Hambro Capital Management, which managed a similar portfolio. Patrice M. Kozlowski, spokeswoman for J O Hambro, could not immediately provide comment.
As of March 31, the endowment's actual allocations to global equities was 43%; the target is 42%.
The committee also approved buyout fund commitments of $7 million to Great Hill Equity Partners VII, managed by Great Hill Partners, and $5 million to Jackson Square Ventures III.
The system previously committed $7 million to Great Hill Equity Partners VI and $7.5 million to Jackson Square Ventures II, both in 2016.
As of March 31, the endowment's actual allocation to private equity/venture capital was 14%, equal to its target.
Investment consultant Cambridge Associates assisted with the hire and commitments.