The $1.6 billion endowment for the University of Kentucky took on new real estate, private equity and hedge fund investments recently, according to meeting minutes.
The amounts were not disclosed, but four new commitments were made at the end of 2019 to Centana Growth Partners II, Angelo Gordon Net Lease Realty Fund IV, Farallon Real Estate Partners III, and Elliott International.
In early December, Centana Growth Partners II closed with $375 million and was oversubscribed as it closed at its hard cap. A successor to Centana’s debut fund in 2015, the fund invests in financial services, fintech, and related enterprise technologies companies that are solving sophisticated problems for and generating real value in the financial services industry.
Angelo Gordon’s long running net least strategy provides real estate sale-leaseback financing to less-than-investment grade owner-occupiers of corporate real estate.
Farallon Real Estate Partners III is the third in a series of real estate offerings by the famed hedge fund firm Farallon Capital Management.
Elliott International is a hedge fund offering of Paul Singer’s Elliott Management Corporation. Hedge funds account for 6% of university endowment assets.
This month officials reviewed a contract extension to consultant Fund Evaluation Group’s contract that is slated to run through May 2022.
Separately, investment staff has been focused on ESG initiatives. According to the endowment’s website, staff includes ESG factors in its ongoing due diligence process. Early last year, officials made a $12 million commitment to a fund focused on renewable energy within the private real assets portion of the endowment, which makes up 11% of assets.