University of Michigan, Ann Arbor, invested or committed a total of up to $170 million to a global equity strategy and two alternative funds new to the institution's $14.2 billion long-term endowment pool.
University regents approved the recommendations of Kevin P. Hegarty, executive vice president and the chief financial officer, at a meeting Thursday, board documents show.
UM hired BLS Capital to manage $100 million in global equity. The strategy "tends to be biased towards large-cap companies," according to board documents.
The university also committed up to $50 million to Kedaara Capital III, an India-focused middle-market private equity fund based in Mumbai and managed by Kedaara Capital Advisors.
Lastly, UM committed up to $20 million to MDH Fund II, a real estate fund managed by MDH Partners that invests in industrial warehouse and distribution properties primarily in the Southeast and Southwest U.S.