University of Michigan commits $50m to Dyal

The University of Michigan has made nearly $90m in new commitments to funds from Dyal Capital Partners and Accel Partners.

The University of Michigan committed $50 million to Dyal Capital Partners II and $33.75 million collectively to Accel XIII, Accel Growth Fund IV and Accel Leaders Fund, according to June meeting minutes from the University of Michigan Board of Regents.
 
This is the University of Michigan's second commitment to Dyal Capital Partners , a private equity unit within Neuberger Berman , which seeks to purchase minority equity interests.
 
The University of Michigan made the commitment in February.
 
The endowment previously committed $50 million to Dyal Capital Partners II in September 2013. 
 
Dyal Capital Partners III held an interim close on $1.45 billion in May 2016. Fund III has a target of $2.5 billion.
 
Dyal Capital Partners III will take non-control, minority investments in private equity investment management companies, a natural continuation of its existing business in acquiring similar stakes in hedge funds managers, according to meeting minutes from the State of New Jersey from September 2015.
 
The previous fund, Dyal Capital Partners II, held a final close on $2.15 billion, above its $1.85 billion target, in 2014. Fund II had a 1.02x multiple and a 24.25 percent net internal rate of return, according to the State of New Jersey minutes.
 
Other limited partners in Dyal's third fund include New York State Common Retirement Fund, which at the end of 2015 made a $500 million commitment, in its first contribution to the fund, according to meeting minutes from New York State Common Retirement Fund. 
 
Dyal Capital Partners, founded in 2011, is a unit of private equity firm Neuberger Berman Group. Neuberger Berman was founded in 1939 and has $243 billion assets under management.
 
The University of Michigan's commitments to Accel 's three funds were made in March. Accel XIII, Accel Growth Fund IV and Accel Leaders Fund will help Accel Partners to further their strategy to fund innovation in technology.
 
Accel XIII held a final close on target at $500 million in March 2016, PEI reported earlier. The venture capital fund makes early-stage investments in technology, media and telecommunications in North America.
 
Accel Growth Fund IV, held a final close on target at $1.5 billion in March 2016. The growth investment vehicle makes investments in technology, media and telecommunications and business services in North America. 
 
Accel Leaders Fund held a final close on target at $300 million in March 2016. The venture capital fund invests in technology, media and telecommunications and business services in North America. 
 
Accel Partners is a Silicon Valley-based venture capital firm with $5.3 billion in assets under management.