University of Michigan Re-Ups with Five of Its Venture Managers

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.

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%.