By David G. Barry
The University
of Michigan has committed to new funds from three of its existing managers.
In a July note to the Board of Regents, Chief Financial Officer Geoffrey S.
Chatas said the school in May committed up to $23 million to venture
capital firm First Round Capital, $38 million to European private equity
firm Investindustrial, and up to $13 million to real estate firm Spear
Street Capital.
The Board of Regents also was poised to approve up to $40 million to Merit
Hill Self-Storage LP, a New York fund manager that acquires value-add
self-storage facilities throughout the United States.
The University of Michigan’s endowment stood at
$18.6 billion as of May 31. That’s up from $18.2 billion as of Dec. 31, 2021.
The school had $6.9 billon, or 37.3% of its portfolio, in marketable
securities. The remaining $11.6 billion, or 62.7%, were in alternative assets.
Venture capital is the biggest part of the portfolio at 30.2%. Private equity
is at 14%, while real estate and natural resources each account for just over
9%.
