University of Houston System's endowment management committee on Thursday approved commitments totaling $8 million on behalf of the system's $730 million endowment.
The committee approved a commitment of $5 million to KPS Special Situations Fund V, a special situations fund that targets investments in underperforming, distressed or bankrupt lower- and middle-market companies, according to a webcast of the committee meeting. It is the endowment's first commitment to a fund managed by KPS Capital Partners.
The committee also approved a commitment of $3 million to TrueBridge Capital Partners Fund VI, a venture capital fund of funds. The endowment previously committed $5 million to TrueBridge Capital Partners Fund V in 2017.
As of March 31, the endowment's actual allocation to private equity/venture capital was 14%, equal to its target.
Investment consultant Cambridge Associates assisted.