University of Michigan, Ann Arbor, committed up to $60 million to two alternatives funds new to the institution's $12.9 billion long-term endowment pool.
University regents approved the investment recommendations of Kevin P. Hegarty, executive vice president and the chief financial officer, at a meeting Thursday, board documents showed.
A commitment of up to $50 million was awarded to SDC Digital Infrastructure Opportunity Fund II, managed by SDC Capital Partners, which makes opportunistic investments in the digital infrastructure market, including data centers. "The investment team has considerable experience in the digital infrastructure space and has demonstrated its ability to create value over time," Mr. Hegarty said in his written recommendation.
Up to $10 million was committed to Miracle Plus Fund I, a Beijing-based venture capital fund that seeks to invest in early stage technology companies founded in China that are leveraging technology to solve deeply technical problems.
This commitment offers the university's long-term portfolio "the opportunity to invest with a firm that plans to take a differentiated approach to obtaining significant ownership stakes in high-potential technology companies founded in the region," Mr. Hegarty said in his written recommendation.