University of Houston System made three new private equity commitments totaling $30 million for its $1 billion endowment.
The endowment management committee approved commitments of $10 million each to lower middle-market buyout fund Frontenac XII; Kelso Investment Associates XI, a middle-market buyout fund managed by Kelso & Co.; and venture capital fund of funds TrueBridge Capital Partners VII.
The system previously committed $7.5 million to Kelso Investment Associates X in 2018 and $3 million to TrueBridge Capital Partners Fund VI in 2019. Frontenac is a new manager for the endowment.
As of June 30, the endowment's actual allocation to private equity was 23.3%; the target is 25%.
The commitments were approved at the Aug. 26 committee meeting, a video of the meeting showed.
Investment consultant NEPC assisted.
