University of Michigan commits $44m to real estate
The $10 billion University of Michigan Endowment has committed $44 million to real estate, according to recent meeting documents. The endowment committed $40 million to IMT Capital Fund IV, a multifamily housing fund that invests mainly in the western and southern United States. The opportunistic fund held a final close of $630 million in March. The endowment also committed $4 million to a co-investment managed by Magna Hospitality Group that will acquire the Residence Inn in Alexandria, Va. The university previously committed $30 million to Magna Hotel Fund V in January 2015. The university has a 12 percent target allocation to real estate and an 8.7 percent actual allocation to the asset class.