It’s a sign of the times when important limited partners dial back their allocations to the private markets.
That’s exactly what has taken place over the last fiscal year at the University of Michigan, whose endowment has its hands in many of Silicon Valley’s most storied venture capital funds. The endowment cut back its new investments in venture capital and private equity by more than 40% in the 12 months ending in June 2023, according to public documents reviewed by Fortune as well as records obtained by a Freedom of Information Act Request.
