University of Michigan, Ann Arbor, disclosed up to $114 million in alternative commitments from its $14.2 billion long-term endowment pool ahead of its board of regents meeting Thursday.
The commitments were made from May 2020 through February to six 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.
The university committed a total of $29 million to two funds managed by Matrix Partners, a venture capital firm with a primary focus on early stage investing in the U.S., China and India; up to $25 million total to two funds managed by Hydrazine Capital, venture capital firm that invests in early stage technology companies; and up to $20 million total to two funds managed by Sequoia Capital, which invests in "new and developing companies engaged in businesses where new technologies play a significant role in either processes or products," according to board documents.
A UM spokesman declined to provide further details about the commitments.
Also, UM committed up to $15 million to SDC Allo Co-Invest, a real estate fund managed by SDC Capital Partners. In February 2020, the university committed up to $50 million to SDC Digital Infrastructure Opportunity Fund II, which makes opportunistic investments in the digital infrastructure market, including data centers.
Lastly, UM committed $15 million to Accel Leaders Fund 3, a late-stage venture/growth fund, and $10 million to a fund managed by 8VC, a venture capital firm that invests in early stage U.S.-based technology startups. A UM spokesman declined to provide further details about the 8VC commitment.