The University of Alabama System's investment committee approved a commitment of $20 million to Timber Bay Fund III, a private equity fund managed by Timber Bay Partners, and an additional co-investment threshold of $10 million.
The commitment was approved at the committee's Aug. 31 meeting, according to a webcast of the meeting.
The University of Alabama System has invested in Timber Bay Funds I and II, Nolan Bean, CIO and head of portfolio management at Fund Evaluation Group, the system's investment consultant, said during the meeting, before recommending the new commitment.
The Tuscaloosa-based system oversees $5.6 billion in assets as of June 30, which includes the pooled endowment fund and liquidity and capital reserve pool.
The system's $3.5 billion pooled endowment fund saw a net return of 7.3% for the year ended June 30, falling below its benchmark of 7.9% for the period.