Investors - MAY 17, 2017

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University of Michigan commits $25m to real estate fund

by Jody Barhanovich

The $11.6 billion Regents of the University of Michigan has committed $25 million to U.S. Real Estate Offshore Fund Ill, formerly known as Calmwater Real Estate Credit Fund Ill, according to board meeting documents.

The real estate debt fund, managed by Calmwater Asset Management, invests primarily in secured, first-lien commercial real estate mortgages in major and non-major markets across the United States. It focuses on investments in senior secured commercial real estate bridge loans that are backed by properties in the office, industrial, multifamily, retail, land and hospitality areas with use of proceeds for acquisition, refinancing, restructuring and recapitalization. The fund seeks to raise $1 billion in total equity commitments.

The pension fund previously committed $50 million to Calmwater Real Estate Credit Fund III in 2015.

University of Michigan has a target allocation to real estate of 10 percent.

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