University of Houston System's endowment management committee approved the hiring of Jennison Associates to manage $50 million in active global growth equities and a commitment of $8 million to Penzance DC Real Estate Fund III on behalf of the system's $1.1 billion endowment.
The committee approved the hiring and the commitment to the value-added real estate fund managed by Penzance Properties, at its Feb. 21 meeting, a webcast of the meeting showed.
Funding for the global equity hiring will come from the reductions of the portfolios of four other public equity managers.
The endowment previously committed $5 million to Penzance DC Real Estate Fund II in 2020 and $8 million to Penzance DC Real Estate Fund I in 2018.
As of Dec. 31, the endowment's actual allocation was 39.2% public equities, 35.4% private markets, 16% bonds and cash, 6.4% hedge funds and 3% liquid real assets.
Investment consultant NEPC assisted.
