Updated with correction
University of Michigan, Ann Arbor, committed $70 million to three alternative investment funds from two managers new to the university's $12.1 billion long-term endowment pool and disclosed $139 million in additional commitments to existing managers.
The university committed up to $40 million to Kaszek Ventures IV and Kaszek Ventures Opportunity I, which invest in seed-stage and early stage companies across Latin America.
Up to $30 million was committed to Cresta Energy Easton Co-Invest I, which invests in middle market infrastructure assets across the U.S. managed by Cresta Fund Management.
The investments were the recommendation of Kevin P. Hegarty, executive vice president and the chief financial officer, and were approved at a July 18 meeting, board documents show.
The endowment also disclosed commitments to three new funds of existing managers made in January and February. UM's investment office has authority to invest in new funds and strategies offered by existing managers without approval from the board, the documents show.
In January, the university committed £35 million ($45.8 million) to CFP Ill, a London-based real estate fund managed by Castleforge Partners that will make small office and mixed-use real estate investments primarily in London and to a lesser extent in regional cities in the United Kingdom.
Also in January, the university committed $50 million to HighVista Strategies' biotech fund HighVista HFS Partners, which focuses solely on managers that invest in biotech stocks.
In February, the university committed $50 million to SSG Capital Partners V, a direct lending strategy managed by Hong Kong-based SSG Capital Management.
