Higher-Ed Endowment Fund Targets Small Business Loans

The University of Michigan earmarked about $400 million of its $10.5 billion endowment last year to loans to small businesses around the world, a market that many banks left in order to hold more capital under the Dodd-Frank Act. For a growing number of institutional investors, private-debt investments are seen as potentially higher-yield alternative in a time of low returns generally. Michigan's endowment, the 10th largest in the U.S., declined 1.4 percent for the year ended June 2016.

Bloomberg (03/10/17)