Alternatives
The university invested $4 billion in the Blackstone Real Estate Income Trust and the firm will provide a $1 billion backstop if the fund does not achieve a minimum annual return of 11.25% for six years.
The university foundation added several strategies spanning private equity, domestic equity, commodities and high-yield and investment grade fixed-income within its endowment last year.
The university approved commitments with three existing venture capital firms in late 2022.
The plan will launch a credit manager RFP next month to fill a maiden allocation to the asset class.
The plan approved one private equity commitment and opted against a second last week.
The plan added commitments totaling $45 million in the last several months.
Plan disclosed $415 million in recent alternatives commitments from December.
The fund wrapped up its search for multi-strategy hedge fund managers with two firms that will supplement and complement its existing hedge fund manager.
The university increased its targets to private equity and global equity at the expense of hedge funds.
The transaction is expected to close no later than the middle of 2023.