Investors - FEBRUARY 25, 2014

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Michigan endowment invests $38m in real estate

by Andrea Waitrovich

The University of Michigan Endowment invested $38.4 million in real estate during 2013, according to the endowment’s Feb. 20 meeting minutes.

The endowment invested $13.4 million in Lone Star Partners VIII, managed by Lone Star Funds, in May 2013. The opportunistic fund closed in May 2013 with $5.1 billion in capital commitments. The fund invests globally in distressed assets. Lone Star invests in distressed residential mortgages, corporate debt and securitized loans. The fund will also target control investments in banks and other financially oriented companies as well as asset rich operating companies.

The university committed $25 million to Cabot Industrial Value Fund IV, managed by Cabot Properties, in October 2013. The firm held a $712 million close in February 2014. It inv

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