University of Michigan

Geoffrey Chatas, Chief Investment Officer, leads the investment office. He reports to the university's Executive Vice President and CFO Michael J. Beemer and the Board of Regents. The investment committee, composed of Board of Regents members with finance backgrounds, approves asset-allocation changes and large commitments (per university governance documents).

The endowment sources investments through a mix of direct relationships with external managers, co-investments alongside established private equity and venture capital firms, and direct equity stakes in private companies. It also reviews opportunities presented by investment banks and placement agents. The office emphasizes long-term, relationship-driven manager selection (per university investment policy documents).

It employs a hybrid approach: the majority of its private market exposure comes through limited-partner commitments to external managers, but it also makes direct co-investments and holds direct equity positions in private companies. Its real estate exposure includes both fund commitments and direct property investments (per university annual financial reports).

The endowment targets a broad range of stages across its primarily private equity allocation, from venture capital and growth equity to buyout and distressed. Its absolute-return and hedge fund allocations provide exposure to event-driven and relative-value strategies. The fixed-income allocation is largely investment-grade and core-only, minimizing credit risk. This blend generates a combination of current yield, capital appreciation, and portfolio diversification.