The university endowment committed $311m to venture through May. New investments in large funds is a departure from UTIMCO's previous interest in emerging managers.
U.Michigan Board of Regents
The endowment has invested in 15 funds focused on Asia since the beginning of 2017 and has seen a 22% increase in venture funding over 2018.
LAFPP
The pension invested $10m into Summit Partners' latest vehicle in June, bringing its year-to-date commitments to the asset class to $77.5m.
SFERS
The pension made a $50m commitment to IVP despite saying that the strategy is overweight after a large buyout sale that closed last year.
The organization's venture portfolio is currently 23 percent of the overall private equity bucket, more than double its target of 10 percent.
The Texas LP continues its push into VC, committing $305 million this year, which is more than half of $460m invested in 2019.
Founder Michael Kim says the firm's oversubscribed $218m fund of funds for seed-focused VC firms comes as valuations at the stage are returning to pre-pandemic levels.
Investors from endowments to pensions and other institutional LPs are trying to square their next steps – on VC allocations, capital calls and more – with a changing economic reality.
fund structure
Capital on both sides of the table could be in trouble as funds have swelled in size and come back to market faster than ever before. Here’s how GPs and LPs are traversing fund schedules and capital calls.
A recession fueled by an ongoing pandemic has universities facing critical budget woes. With endowments feeling the heat, VCs are on course to see a very different fundraising environment later this year or in 2021.
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