University of Michigan commits €50m to Europe debt fund
The $11.6 billion Regents of the University of Michigan has committed €50 million ($53.8 million) to Orion European Real Estate Fund V, according to a board meeting document.
Orion European Real Estate Fund V, which opened in fourth quarter 2016, is an opportunistic, real estate fund that will invest in debt secured by European properties. The fund held a €1.5 billion ($1.61 billion) final close in March.
University of Michigan previously committed €20 million ($21.5 million) to the fund’s predecessor, Orion European Real Estate Fund IV, in 2013. Fund IV held a €1.3 billion ($1.39 billion) final close in November 2013. The fund primarily focuses on the United Kingdom and the continental markets of Barcelona, Madrid, Milan and Paris. Orion European Real Estate Fund III held a €1.28 billion ($1.37 billion) final cl