The University of Michigan Endowment Fund has approved $60m (€56.5m) of new commitments in non-traditional property.

Two $30m fund investments will be made to Green Courte Real Estate Partners IV and Virtus Real Estate Capital II, according to a board meeting document.

Partners IV invests in US parking garages, active-adult and independent living dwellings, senior housing and land-lease communities.

Parking garage investments will be done through The Parking Spot, a portfolio of near-airport US parking facilities.

The commitment from Michigan was one of the last commitments to Partners IV, for which Green Courte Partners has raised $503m. 

Total capitalisation is projected to be $1.5bn.

Virtus Real Estate Capital looks to invest in US student housing, senior living, medical office buildings and self-storage assets.

The manager is raising additional capital for its second fund.

The University of Michigan Endowment has also approved a $50m commitment to Lone Star’s Fund X.

The commitment is part of a $6bn capital raise being planned by Lone Star for the global opportunistic vehicle.

Fund X is targeting gross returns of 25% and above.