University of Houston System's endowment management committee approved a commitment of $5 million to ACME Fund III on behalf of the system's $730 million endowment.
The committee approved the commitment to the early stage venture capital fund managed by ACME Capital at its Nov. 14 meeting, a webcast of the meeting shows.
The fund will invest in a broad range of companies that take advantage of "broad macro trends," including user-generated content, video and artificial intelligence, according to a presentation in the webcast.
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.