By David G.
Barry
The
University of Michigan, which has nearly 30% of its endowment invested in
venture capital, has committed to new funds from five of its existing venture
managers.
In a September note to the Board of Regents, Chief Financial Officer Geoffrey
S. Chatas said the school in May and June allocated a total of $164.5
million to the five managers. The school’s commitments were comprised of:
·
€15 million (US$14.5 million)
to Plural, which invests in early-stage European startups. The
university committed €20 million (US$19.3 million) to Plural in April.
·
$15 million to Accel, a Palo Alto, Calif., venture firm that invests in
global, later-stage companies.
·
$75 million to seven funds from Sequoia China. The firm invests in
companies across an array of stages in China, India and Southeast Asia.
·
$25 million to a fund from TCV, which invests in expansion and
later-stage technology companies.
·
$36 million to two funds from Matrix Partners, which invests in
early-stage companies throughout the United States, India and China.
Earlier in the summer, the school had said that in May, it had committed up to
$23 million to another venture firm, First Round Capital.
The University of Michigan’s endowment stood at
$18.6 billion as of July 31, essentially where it stood on May 31. The school
had $6.7 billion, or 36.4% of its portfolio, in marketable securities. The
remaining $11.8 billion, or 63.6%, were in alternative assets. Venture capital
is the biggest part of the portfolio at 29.5%. Private equity is at 13.7%,
natural resources is at 11.1% and real estate is at 9.4%.
