University of Michigan commits $150m to real estate, energy funds
The $11.6 billion Regents of the University of Michigan committed $150 million to real estate and energy funds at the end of 2016, according to spokeswoman Erin Katz.
On the real estate side, the endowment committed $30 million to Virtus Real Estate Capital II, managed by Virtus Real Estate Capital. The closed-end fund will seek opportunities in niche real estate sectors throughout the United States, including student, senior and workplace housing; medical office; and self-storage. The fund seeks to raise a maximum of $500 million in equity commitments.
The endowment also committed $50 million to Lone Star Fund X, managed by Lone Star Funds. The fund recently held a $5.6 billion final c