The University of Michigan Board of Regents upped its skin in the venture investing game by 22 percent in 2019 year-on-year and continued to take a global approach with its manager selection.
The Ann Arbor-based endowment announced two additional 2019 commitments at its July 16 meeting. The board committed $25 million to Accel India VI and $25.5 million to Eclipse SPV II. Both of the funds closed in November 2019.
The board documents also disclosed that the LP invested $10 million into AH Bio Fund III in January 2020.
All three investments are re-ups with the managers, but it is the endowment’s first commitment to Accel’s India fund series. It has committed to 18 other funds managed by Accel.
This latest batch of commitments announced most likely complete the organization’s total venture investment activity from 2019. The endowment poured more than $382 million into venture in last year across 16 funds, which while notable on its own, also showcased an increased push into the asset class.
The LP saw a 22 percent boost year-on-year from 2018 when $296 million was invested across 20 funds, which also hints at growing commitment sizes for the LP.
The Board of Regents also continued to increase its exposure outside of the US, particularly in Asia. The endowment has invested more than $100 million since the beginning of 2017 into funds focused on China, as previously reported by the Venture Capital Journal.
The Accel India commitment marks the third investment since the beginning of 2018 to funds focused on the country. The LP also invested undisclosed amounts into Matrix Partners India III and Sequoia Capital India Fund VI.
Of the 44 venture funds the endowment has invested in since the beginning of 2017, 34 percent, or 15 funds, have focused on different regions within Asia. The only larger focus in the portfolio is North America, which makes up 40 percent, or 18, of VC commitments since the beginning of 2017.
The Board of Regents has disclosed two commitments so far in 2020. In addition to the AH Bio Fund, the group also invested $10 million into Miracle Plus Fund I, a Beijing-based early-stage tech investor.
Venture currently makes up 19.6 percent of the endowment’s overall portfolio in a stake worth $2.4 billion as of the end of May. Venture is currently the largest alternative asset class for the organization.
The University of Michigan Board of Regents invests on behalf of the Ann Arbor, Michigan-based education system with more than 40,000 students. The endowment has more than $18 billion in assets under management.