University of Michigan, Ann Arbor, committed up to $60 million from its $17.6 billion long-term endowment at its board of regents meeting Thursday, according to board documents.
In absolute return, the university committed up to $35 million to Biotechnology Value Fund II, a biotechnology-focused hedge fund managed by BVF Partners that invests in small-cap biotechnology companies using a value-focused philosophy combined with a long-term investment horizon, according to the board documents.
In private equity, UM committed up to $25 million total to two funds managed by Slow Ventures: Slow Ventures V and Slow Ventures Opportunity Fund II. Slow Ventures, a generalist venture capital firm, invests mainly in seed-stage companies across a diverse set of sectors in the U.S., according to the board documents. The university did not disclose how much each Slow Ventures fund received.