University of Michigan Endowment has approved three new real estate commitments totalling $100m (€85.5m).
The institutional investor said in its board meeting report that it will put $40m into Thackeray Realty Partners Fund V, $50m into Emet Municipal Real Estate Strategic Fund II and $10m into the Zell Equity International VI Pegasus-Co Investment.
Thackeray Fund V targets small US multi-family, industrial and retail assets in the range of $5m to $25m. It will target properties that are producing strong cash flow as well as value-add assets.
Emet Capital Management has a value-add investment strategy that focuses on niche property types like the subsectors of affordable multifamily housing and student/senior housing projects.
University of Michigan’s co-investment partnership with Zell Equity International will build a real estate platform in Argentina. The property types to be invested in will include office and retail assets.
Michigan Endowment had a real estate portfolio valued at $987m at the end of August 2017. The portfolio represents 8.8% of its $11.2bn of total assets held.