University of Michigan, Ann Arbor, allocated $170 million to alternatives and public equity from its $12.6 billion long-term endowment pool, according to documents from its board of regents meeting Thursday.
The commitments were made from October through January to five existing fund managers. UM's investment office has authority to invest in new funds and strategies offered by existing managers without approval by the board.
In alternatives, the university committed $75 million to Odyssey Investment Partners Fund VI, a middle-market buyout fund; $25.5 million to Eclipse SPV II, a venture capital fund managed by Eclipse Ventures that invests in early stage U.S.-based technology startups; $25 million to Accel India VI, a venture capital fund that invests in seed and early stage rounds of companies based in India; and $10 million to AH Bio Fund III, a venture capital fund managed by Andreessen Horowitz that invests in early stage health care-focused information technology companies.
In public equity, the endowment hired Otus Capital Management to manage €30 million ($34 million) in a separate account to invest in mispriced opportunities in the illiquid European microcap public equity market.
