The University of Alabama System's investment committee approved a commitment of $40 million total to two private equity funds.
The Tuscaloosa-based investment committee approved $20 million to Princeton Equity Partners II, a private equity buyout fund managed by Princeton Equity Group, and another $20 million to Long Ridge Equity Partners IV, a private equity fund focused on high-growth investments.
The commitments were approved at the committee's May 25 meeting, according to a webcast of the meeting.
Nolan Bean, CIO and head of portfolio management at Fund Evaluation Group, the system's investment consultant, recommended the commitments.
The system oversees $5.5 billion in assets, which includes the pooled endowment fund, and liquidity and capital reserve pool.