University of Michigan Weighs More Secrecy for Some Investments
- Board would be given only broad outline of portfolio
- Audit said investment office had ‘meaningful’ controls
Photographer: Sean Proctor/Bloomberg
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The University of Michigan’s $13 billion investment office may amend its investment decision-making process, making disclosure of some holdings more private at the third-wealthiest public university.
The potential switch comes after an outside auditor said the process impedes the staff’s ability to move quickly on investment opportunities. At Board of Regents’ meetings, details of new investments to private equity or hedge funds, including names of money managers, are provided along with funds that are slated to receive additional capital.