The University System of Maryland Foundation comprises the endowments of the 12 institutions that make up the University of Maryland, as well as various operating funds. According to its 2013 annual report, the foundation returned 7 percent this past fiscal year, which ended in June, and combined assets under management grew from $962 million to $1.08 billion. Private risk assets, which represent the illiquid portion of its portfolio, have a target allocation of 35 percent, with real estate’s 10% allocation target representing nearly one-third of such investments.
In the wake of PERE’s annual conference in New York at the end of October, Senior Editor Erik Kolb had the opportunity to speak with Kevin Dalmut, director of private market investments for the University System of Maryland Foundation. Listen in as he discusses how the foundation is accessing real estate today, which strategies it is pursuing and what it expects from the managers it works with.