University of Michigan Commits $200M to Alts

The University of Michigan Investment Office disclosed three commitments totaling approximately $200 million.

In private equity, $10 million was allocated to Aurelia Foundry I. Aurelia Foundry is a venture capital firm based in Cambridge, Massachusetts.

Additionally, $10 million was allocated to Black Operator Fund I. Black Ops Ventures was founded in 2021 and is based in San Francisco, California.

$180 million was committed to the Millstreet Credit Fund, managed by long/short credit manager Millstreet Capital Management. 

As of March 31, 2023, they have allocated $4 billion, approximately 26.5% of their holdings, to venture capital. $2.8 billion or 15.6% of the portfolio is allocated to absolute return.

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