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UA System committee approves up to $20 million each for Khosla Ventures and Winrose Health Investors
Summary
The Board's investment committee approved commitments of up to $20 million each to Khosla Ventures and Winrose Health Investors 7 LP for the pooled endowment fund’s private equity allocation.
The University of Alabama System investment committee voted to approve commitments of up to $20,000,000 each to Khosla Ventures LLC and Winrose Health Investors 7 LP for the pooled endowment fund’s private equity allocation.
Fund Evaluation Group representative Nolan Beam reviewed market conditions and the recommendation, saying the firm’s proposal is part of a disciplined plan to raise the private equity allocation toward the system’s long-term target. “The recommendation is committing up to 20,000,000 for both of these investments,” Beam said during his presentation.
The nut graf: The committee framed the commitments as pacing additions to a portfolio that has been underweight private equity relative to targets; the two recommended managers would expand venture and buyout exposure while keeping the system’s broader diversification intact.
Beam told trustees the pooled endowment fund and the liquidity and capital reserve pool together had a market value around $6,600,000,000 at the end of March and that the board has been building private equity gradually. He described Khosla Ventures as a venture-oriented manager with multiple fund vehicles (seed, flagship venture, and an opportunity fund) and cited examples of prior Khosla-backed companies such as DoorDash, Instacart, Square, Stripe and OpenAI. For Winrose, Beam described a strategy focused on private companies serving the health-care ecosystem and noted prior funds’ track records.
Doctor Dana Keith, senior vice chancellor for finance and administration, presented the formal resolutions asking the committee to approve the investments “for the Pooled Endowment Fund only.” The committee moved and seconded the resolutions; after a voice vote the chair said the resolutions were approved.
Discussion vs. decision: The presentation included market context and rationale (discussion). The committee took formal action by voting to approve the two commitments (decision). The transcript does not record a roll-call vote or dissenting votes.
Ending: The committee concluded the item with approvals and moved on to other agenda business.
