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Trustees approve $15M Tembo commitment; replace REIT manager in liquidity pool
Summary
The board approved a $15 million commitment to Tembo Capital Mining Fund IV with up to $5 million in co-invest capacity and voted to terminate the Seaport Global Property Securities mandate in the Liquidity and Capital Reserve Pool and move those assets to Duff & Phelps' global REIT strategy.
The Board of Trustees'capital committee on Sept. 11 approved two investment resolutions based on recommendations from the Fund Evaluation Group.
Nolan Bean of the Fund Evaluation Group presented performance data and market context, noting the pooled endowment recently exceeded $7 billion. "Preliminary numbers as of September 30 looks like the combined value pooling down the fund did cross over $7,000,000,000," Bean said.
The committee approved a resolution authorizing the pooled endowment fund to invest up to $15,000,000 in Tembo Capital Mining Fund IV LP and to permit an additional co-investment authorization of up to $5,000,000 for direct investments in portfolio businesses. Bean described Tembo as a North American-focused metals-and-mining private real-assets manager and said prior Tembo commitments have produced strong early returns.
On the Liquidity and Capital Reserve Pool, the committee approved terminating the Seaport Global Property Securities mandate and investing proceeds in the Duff & Phelps Global Real Estate Securities Fund. Justin Fanning, the assistant vice chancellor for investments and treasury, presented the resolutions and recommended approval.
Both resolutions were approved by voice vote; meeting minutes record that the committee voted "aye" with no recorded opposition. The approvals will allow staff to execute the manager transition and proceed with the Tembo commitment subject to customary closing processes.
Next steps include finalizing documentation with Tembo and effecting the Seaport termination and Duff & Phelps onboarding. The committee did not provide a roll-call tally in the transcript and recorded the decisions as voice votes.
