University of Houston System's endowment management committee pledged $10 million to Kennedy Lewis Capital Partners III on behalf of the system's $1 billion endowment.
The committee approved the commitment to the opportunistic credit fund managed by Kennedy Lewis Investment Management at its meeting on Thursday, a webcast of the meeting showed.
The endowment's target allocation to private credit is 3%, and its current allocation to the asset class is zero, according to the webcast. Its overall private markets allocation was 37.3% as of June 30, above its 31% target.
Investment consultant NEPC assisted.
