University of Michigan Commits to Three Existing Managers

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%.