CHICAGO – Michael Borrelli, an assistant vice president at the University of Chicago who worked on the school’s private equity portfolio, died in late May.
Other members of the university’s investment staff have since taken over Mr. Borrelli’s duties, and the school has no plans to change its private equity investment strategy.
Mr. Borrelli worked at the university for about five years, most of which were spent in private equity investing, said Vice President and Chief Investment Officer Philip Halpern.
Mr. Borrelli, 41, had long suffered from a host of minor health problems, but his death still came as a shock to colleagues and friends, said Mr. Halpern, adding that Mr. Borrelli reported to work the day before he died.
For the immediate future, Mr. Halpern and Portfolio Manager Elizabeth Allison, who worked closely with Mr. Borrelli, will oversee the university’s private equity activity. Chicago’s investment staff had begun reorganizing its division of duties prior to Mr. Borrelli’s death, and Mr. Halpern and Ms. Allison will decide whether to manage the private equity portfolio themselves or to hire someone to replace Mr. Borrelli.
The investment staff manages the school’s $2.6 billion endowment and almost $1 billion more in other university funds. Chicago has a 15% allocation to private equity, which translates into commitments of $160 million to $170 million a year, Mr. Halpern said. The school recently backed funds managed by Foundation Capital, Sequoia Capital, Sierra Ventures and VantagePoint Venture Partners.
Mr. Borrelli is survived by his wife, Yvonne, and two daughters.