University of Michigan, Ann Arbor, disclosed $171.2 million in alternative and absolute-return commitments from its $12.7 billion long-term endowment pool ahead of its Thursday board of regents meeting.
The commitments were made in June and July 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, board documents show.
In absolute return, the university committed $50 million to Partners for Growth Fund VI, a direct lending fund focused on emerging technology companies primarily in the U.S. and Australia.
In alternatives, the university committed $50 million to Deerfield Healthcare Innovations Fund II, a venture capital fund managed by Deerfield Management, and a total of $50 million to two related Flexpoint Ford sponsored funds that will invest in middle-market financial-services and health-care companies, in addition to financial assets such as loans, leases and books of insurance.
Moreover, the university committed an additional $15 million to General Catalyst Group IX, a venture capital fund managed by General Catalyst Partners. In 2018, the university committed $70 million to the fund and last month it disclosed a $2.5 million commitment to an affiliated co-investment.
Lastly, the university committed $6.2 million to two funds managed by Sequoia Capital that will make investments in new and developing companies engaged in businesses where new technologies play a significant role in either process or products.
A university representative could not immediately be reached to provide further information.