University of Michigan commits $93m to real estate
The $9.5 billion University of Michigan Endowment is looking to commit £25 million ($35.9 million) to Mercer Real Estate Partners II, according to a recent meeting agenda. The commitment will be voted on at this week’s Board of Regents meeting.
The fund, managed by Mercer Real Estate Partners, invests in small office and mixed-use properties, primarily in London. Mercer focuses on deals in the £10 million to £30 million ($14.34 million to $43.02 million) range.
Additionally, the meeting agenda disclosed real estate investments made in the second half of 2015, including $46 million to SSC V in August and €10 million ($11.08 million) BLG Turkish Real Estate Fund II in July.
SSC V, managed by Spear Street Capital, targets office properties in the United States and Canada. The fund held a final close in September 2015 with total equity commitments of nearly $1.1 billion, according to a