The University of Michigan's $6.5 billion endowment has added two direct investments to its $1 billion-plus absolute return portfolio.
An initial $30 million allocation to the Stone Tower Structured Credit Recovery Fund was approved earlier this year. The new fund is managed by New York firm Stone Tower Capital and makes investments in structured credit products of various asset types, vintages, maturities and capital structure priorities. The fund investment period is two years, and Stone Tower plans to raise up to $500 million.
The Stone Tower fund commitment is consistent with