Michigan Not in Sequoia Fund

The University of Michigan has not invested in Sequoia Capital XI, according to information obtained by PE Week in response to a Freedom of Information Act request.

The school had originally been accepted into the fund early last year, but was ejected after disclosing fund-specific performance data from within its venture capital and private equity investment portfolios. University of Michigan also was asked to sell off existing stakes in previous Sequoia funds – the school has invested in six Sequoia offerings since 1992 – but declined to do so.

Last month, University of Michigan got a bit of a reporting reprieve, as an amendment to the Michigan open records laws means that the school no longer has to disclose the type of information that upset Sequoia (see PE Week, 5/10/04, pg. 1).

Instead, it now only must reveal fund names, aggregate amounts of investment and aggregate rates of realized returns.

Sequoia Capital has declined to comment on the Michigan open records amendment, and as to whether or not it will invite University of Michigan back into its new fund.