Firms & Funds

UMich commits to AH, Accel funds

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private equity, pension fund, University of Michigan
Michigan Wolverines Head Coach Jim Harbaugh prior to the game against the Oregon State Beavers at Michigan Stadium on Sept. 12, 2015. Photo courtesy Rick Osentoski-USA Today Sports/ Reuters

The University of Michigan disclosed almost $100 million of new commitments to private equity and venture capital in its July 21 meeting materials.

Almost half of the $9.9 billion endowment’s new commitments went to energy- or oil- and-gas-related assets, including a new natural-gas-exploration partnership called Terra Energy Partners. Its largest investments went to those managed by PE funds, including Kayne Anderson Capital Advisors, Yorktown Partners and Advent International.

However, the endowment also made a pair of commitments to venture funds. AH Bio Fund I, an Andreessen Horowitz vehicle led by Vijay Pande, received $7 million from UMich. Andreessen Horowitz set out to raise $200 million for the fund, it has been reported.

The endowment also committed $15 million to Accel London V, Accel‘s fund for early- and growth-stage investments in European companies. The fund held a final close on $500 million in April.

The University of Michigan held about 12.5 percent of its assets ($1.25 billion) in PE as of May 31, an investment report said. The endowment had a 13.8 percent allocation to VC as of that date. Its venture portfolio is valued at $1.37 billion.