Morgan Creek reaches $150M FoF

Morgan Creek Capital Management, has closed on $150 million of its $250 million-targeted fund of funds, the second in a series that it aims to raise every year.

About 30% of the fund is earmarked for buyout managers, a person familiar with the fund said. The firm also backs venture capital and real estate funds. Information couldn’t be obtained about specific fund managers that the firm has backed.

The Chapel Hill, N.C.-based firm, whose limited partners consists of family offices, university endowments and foundations, raises its funds every year and commits them as they are raised. The 2007 fund is 45% committed.

Morgan Creek Capital Management is stacked with professionals with university endowment experience. Mark Yusko, former chief investment officer of the University of North Carolina Chapel Hill Endowment, founded Morgan Creek in July 2004. Yusko held the CIO post at UNC from 1998 to 2004, where he managed $1.5 billion in assets. He earlier served as senior investment director for the University of Notre Dame Investment Office.

Other ex-UNC endowment professionals at Morgan Creek include Managing Director Mike Hennessy, Principal Brad Briner and Vice President Josh Tilley. Hennessey’s resume includes a stint at the Duke Management Co. —Mark Cecil