University of Michigan, Ann Arbor, disclosed up to $210 million in alternative and absolute-return commitments from its $18 billion long-term endowment pool ahead of its board of regents meeting Thursday.
The commitments were made from September through January to four existing fund managers. UM's investment office has authority to invest in new funds and strategies offered by existing managers, and direct investments that represent less than 1% of the endowment pool, without approval by the board.
The university committed up to $75 million to a fund managed by Altor Equity Partners, a private equity firm located in Stockholm, Sweden, that invests in middle-market companies, according to board documents. A UM spokeswoman declined to provide further details about the Altor commitment, or any of the other disclosed commitments.
Further, the university committed up to $50 million to a fund managed by 8VC, a venture capital firm that invests in early-stage U.S. technology startups, and up to $35 million to an Asian-focused buyout fund managed by Bain Capital.
In absolute return, UM committed up to $50 million to a fund managed by Irradiant Partners, a credit firm that invests in collateralized loan obligations issued in the United States.
