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University of Michigan backs Deerfield, GSR

The University of Michigan Board of Regents made a pair of commitments to venture funds in July, according to an investment memo included in its Dec. 17 meeting materials.

The endowment allocated $30 million to Deerfield Healthcare Innovations Fund, which is managed by Deerfield Management Company. The $550 million fund, which held a final close in July, invests in therapeutics, devices, diagnostics, medical services and animal health.

The university also committed $15 million to Beijing-based GSR Ventures GSR Ventures V, which is targeting $150 million for investments in the e-commerce, fintech, online advertising, big data, mobile gaming and education sectors.

The $10 billion University of Michigan endowment has a 12.9 percent allocation to private equity and values its portfolio at approximately $1.3 billion. The endowment has a separate allocation to venture capital valued at $1.4 billion.