University of Michigan, Ann Arbor, committed up to $130 million to alternatives from its $16.5 billion long-term endowment at its board of regents meeting Thursday, according to board documents.
The university committed up to $75 million to Hackman Capital Partners Studio Fund. In partnership with The MBS Group, Hackman is "involved in all aspects of the value creation process, from ground-up construction or redevelopment of existing assets to leasing and marketing to asset and property management," said Brian Smith, the university's interim executive vice president and chief financial officer, in his recommendation to the board.
In addition, the university committed up to $30 million total to two funds managed by venture capital firm First Round Capital: First Round Capital VIII, and First Round Capital VIII-F. The funds invest at "the earliest stages of technology company development to capture generationally important companies as their first institutional capital partner garnering meaningful ownership to drive impactful returns," Mr. Smith said in his recommendation.
UM also committed an additional $25 million to Aplomado Partners I, an energy infrastructure fund focusing on U.S.-based solar ground leases. The university committed $50 million to the fund in March.