The $18 billion University of Michigan endowment allocated to five funds across absolute return and global private equity strategies in recent months.
Meeting materials for the Ann Arbor-based fund detailed $210 million in allocations with a wide-ranging set of investments from collateralized loan obligations in the U.S. to various private equity stakes across sectors across Asia.
The $2.8 billion absolute return program saw a $50 million commitment to Irradiant Partners, a credit firm specializing in in CLOs. The Irradiant fund will invest in the debt and equity tranches of third-party managed CLOs as well as in CLO warehouse financing facilities for both Irradiant Partners as well as third-party managed CLOs.
With the $11 billion alternative asset portfolio, allocations were made to venture capital and private equity. 8VC received a $50 million commitment for a venture capital approach to investing in the smart enterprise sector, bio-IT, a build program for the creation of companies and other opportunistic areas.
Altor Equity Partners saw a $75 million from the endowment for its fund focused on middle market companies in the Nordic & DACH region that will invest across several industry sectors, including consumer products, specialty manufacturing and business services. Specifically, the ‘green transition’ trend is a growing area of opportunity for the Stockholm-based firm.
Lastly, a $35 million commitment was made to Bain Capital Asia, an Asia-based private equity firm with offices across the continent that invests primarily in buyouts across greater China, Japan, India, South Korea and Australia. The fund allocates across five verticals: APA consumer, financial and business services, technology, industrial and healthcare.
