University of Michigan, Ann Arbor, disclosed up to $95 million in alternative commitments from its $14.3 billion long-term endowment pool ahead of its board of regents meeting on Thursday.
The commitments were made in March and April to two 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, according to board documents.
The university committed up to $55 million to two funds managed by Eclipse Ventures, a venture capital firm that makes equity investments in early stage U.S.-based technology startups, according to board documents. A UM spokesman declined to provide further details about the commitments, including the fund names.
The university has made several prior commitments to Eclipse Ventures' funds, including up to $50 million to Eclipse Fund III and up to $30 million to Eclipse SPV I in 2018, and $25.5 million to Eclipse SPV II in 2020.
UM also committed up to $40 million to the next four-year investment cycle of Chengwei Ventures Evergreen Fund. The fund is managed by Chengwei Capital, a Shanghai-based venture capital firm invests in Chinese companies with significant growth potential, according to board documents.
Previously, the university committed $20 million to the Chengwei fund with an additional $10 million on a "standby basis" in 2012, and $22 million in 2016.
