University of Michigan, Ann Arbor, disclosed $166 million in alternative and absolute-return commitments from its $18.6 billion long-term endowment pool ahead of its board of regents meeting scheduled for Thursday.
The commitments were made in May and June 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.
The university committed a total of $75 million to seven funds managed by Sequoia Capital, which invests in companies across seed, venture and growth stages located in China, India and Southeast Asia, according to board documents.
A UM spokesman declined to provide further details about the Sequoia commitments, or any of the other disclosed commitments.
The university also committed a total of $36 million to two funds managed by Matrix Partners, which invests in early stage companies throughout the U.S., India and China; $25 million to a venture capital fund managed by TCV, which invests in expansion and late-stage technology companies; and $15 million to a fund managed by Accel, a venture capital firm that invests in global later-stage companies, including growth equity investments in U.S.-based technology startups, according to board documents.
In absolute return, UM committed €15 million ($15 million) to a fund managed by Plural Ventures, a seed and early stage venture capital firm with a focus on investing in European startups.
