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University of Michigan invests in real estate

by Andrea Waitrovich

The University of Michigan has approved three investments from its $10 billion long-term endowment pool during its Dec. 17 meeting.

Calmwater Real Estate Credit Fund III, managed by Calmwater Asset Management, was awarded $50 million to invest in senior secured commercial real estate loans in the United States.

University regents also approved a $32 million commitment to Patron Capital Fund V, which will invest in Spanish distressed and undervalued property, loans and corporations that own significant real estate assets.

And the staff committed $20 million to White Rock Oil and Gas Partners II, which will invest in U.S.-based oil and gas producers.

As of October 2015, the endowment’s real estate portfolio was valued at more than $845.5 million, or 8.5 percent of its long-term portfolio assets under management. The university’s alternative assets portfolio makes up $4.18 billion, or 41.8 percent, of assets under management.

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