University of Michigan, Ann Arbor, committed a total of $66.5M to six alternative investment opportunities from its $10.1B long-term endowment pool.
All of the commitments were made by UM’s investment division to new funds offered by existing alternative investment managers or additional money going into funds in which UM already is invested, university regents learned at a meeting Thursday to Pensions & Investments.
Two of the new funds managed by Kuramo Capital Management — Kuramo Africa Opportunity Fund II and companion fund Kuramo Africa Opportunity Co-Investment Vehicle II — received a total commitment of $50 million, said Kevin P. Hegarty, executive vice president and chief financial officer, in a meeting report.
Current real estate manager Equity International offered institutional investors the opportunity to co-invest in Acosta Verde, a Mexican shopping center developer, owner and manager. The company owns nine shopping centers throughout Mexico and will use the funds raised by EI to build seven more shopping centers. An initial public offering for Acosta Verde is planned for 2019, Mr. Hegarty’s report said. UM committed $10 million to the co-investment.
A total of $6.5 million of additional assets was committed to three existing funds from venture capital manager Sequoia Capital: Sequoia Capital China Venture Fund V; Sequoia Capital China Growth Fund III; and Sequoia Capital India IV. Both China funds focus on investment in technology companies while the India fund invests in technology companies as well as in consumer and health-care sectors, Mr. Hegarty’s report said.