University of Michigan, Ann Arbor, disclosed $140 million in alternative commitments from its $13.1 billion long-term endowment pool ahead of its Thursday board of regents meeting.
The commitments were made from March through May to three existing fund managers. UM's investment office has authority to invest in new funds and strategies offered by existing managers without approval from the board, meeting documents show.
The university committed a total of $85 million to seven funds managed by Sequoia Capital, which invests in new and developing companies engaged in businesses for which new technologies play a significant role in either processes or products. A university spokesman could not provide additional information on the specific funds involved.
Three funds managed by General Catalyst, a venture capital firm that targets investments in information technology companies, were awarded a combined $50 million commitment. The university spokesman could not provide additional information on the specific funds involved.
Lastly, UM committed $5 million to Francisco Partners VI, a technology growth equity and buyout fund.