University of Michigan Regents reveal $150m more PE, VC commitments


The $11.3bn-managing University of Michigan endowment has revealed more than $150m of new private equity and venture capital commitments.

UoM’s latest Regents’ Meeting report shows Kayne Anderson picked up a $50m commitment to its eighth flagship energy fund, and also another $25m to an absolute return CLO vehicle.

Kayne Anderson revealed in August last year that the firm was out targeting up to $2bn for Energy Fund VIII, which it said was targeting a first close before the end of 2017.

Europe’s Summa Equity received a SEK274m ($33.9m) co-investment commitment to its Summa Equity I fund, which will target lower mid-market companies in the Nordic region.

The co-investment is the opportunity to invest in “a leading Norwegian waste management and recycling company”, the report said.

Summa closed its debut fund on SEK4.5bn ($500m) early last year, beating its initial target by SEK1.2bn.

UoM Regents also revealed a $25m commitment to Berkshire Fund IX Co-investment Fund, which targets mid-market companies with attractive growth prospects.

Venture capital investor Andreessen Horowitz collected $15m for its AH Bio Fund II, while Sequoia Capital received a $2.5m commitment to its US Scout Seed Fund III.

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