Endowment also commits capital to Virtus Real Estate Capital III. : The University of Michigan Endowment is investing in a real estate fund focused on the US retail market. According to industry sources, the investor has committed $50m (€43.3m) to Balboa Retail Fund II, a vehicle managed by Balboa Retail Partners. It is one of a few funds in the US that invests exclusively in retail assets. Another is Asana Partners Fund II, which raised $800m in April. Many US pension funds and institutional investors are choosing to reduce their exposure to retail real estate, due to pressures from online commerce.