North Dakota's Legacy Fund Invests Significantly In-State
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The University of Michigan's endowment, which oversees $17.9 billion in assets, has reduced its investments in venture capital and private equity by over 40% in the fiscal year ending in June 2023. In the 2022 fiscal year, the endowment committed $1 billion to private funds, but that amount decreased to $580 million in the current year. Additionally, the university severed relationships with nine private fund managers in the 2023 fiscal year. Despite the reduction, approximately 40.9% of the endowment's portfolio is still invested in venture capital and private equity. The adjustments reflect the competitive fundraising market and the appeal of other asset classes due to rising interest rates. The University of Michigan reported a one-year annualized investment return of 0.7% for its priva...
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