Yesterday evening I reported that the University of Michigan wrote a $75 million check to a new fund from Sam Altman’s venture capital firm earlier this year—the second check the university has written to funds managed by OpenAI CEO Sam Altman’s venture firm, Hydrazine Capital.
This new fund, his venture firm Hydrazine Capital’s fourth fund, was disclosed to the Securities and Exchange Commission in March, and sometime before the end of June got a check from one of Silicon Valley’s more noteworthy limited partners, the University of Michigan’s $17.9 billion endowment, which has also invested directly in OpenAI and in OpenAI’s corporate venture fund, according to public filings and documents obtained by Fortune via a Freedom of Information Act request.
From the story:
“We have a longstanding relationship with Sam and Hydrazine IV. Hydrazine IV is a small fund in which the University of Michigan is the only outside investor, and this is an extension of our ongoing investment strategies,” Dan Feder, senior managing director of investments at the University of Michigan’s endowment, told Fortune. It’s unclear the fund’s exact size or focus. Feder, OpenAI, Altman, and Hydrazine declined to share more details of the fund or didn’t respond to requests for comment.
In a statement to Fortune, an OpenAI spokeswoman said that Altman “is fully focused on his role as CEO of OpenAI and spends only a small fraction of his time investing. He maintains transparency with the board about his occasional investments and adheres to a process for managing potential conflicts of interest.”
A list of all the endowment’s venture capital fund investments that was provided to Fortune show that the University of Michigan has written two of its largest-ever venture capital fund checks into Hydrazine funds: A $105 million check to Hydrazine’s second fund and, most recently, the $75 million into Hydrazine’s fourth fund. The endowment has also invested $18.7 million in an investment vehicle called Apollo Projects that Altman and his brothers set up a few years ago, records show. Altman is listed as director on all of the Hydrazine funds’ disclosure documents.
You can read the full story here, and you can send me a note below if you like.
See you tomorrow,
Jessica Mathews
Twitter: @jessicakmathews
Email: jessica.mathews@fortune.com
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Joe Abrams curated the deals section of today’s newsletter.
VENTURE DEALS
- Sudo Biosciences, a Carmel, Ind.-based drug developer, raised $116 million in Series B funding. Enavate Sciences and TPG led the round and was joined by Sanofi Ventures, Surveyor Capital, and others.
- SimSpace, a Boston, Mass.-based provider of military-grade cybersecurity, raised $45 million in funding from L2 Point Management.
- Atavistik Bio, a Cambridge, Mass.-based therapeutics developer, raised $40 million in funding from The Column Group, Lux Capital, and others.
- Halcyon, an Austin, Texas-based provider of anti-ransomware software, raised $40 million in Series B funding from Bain Capital Ventures.
- ScaleOps, a Tel Aviv, Israel-based platform designed to automate the management of cloud environments, raised $21.5 million in funding from Lightspeed Venture Partners and others.
- TuMeke, a San Mateo, Calif.-based platform that can automatically assess workplace safety risks through pictures, raised $10 million in Series A funding. Intel Capital led the round and was joined by others.
- NETRIS Pharma, a Lyon, France-based biopharmaceutical company looking to develop molecules targeting cancer resistance, raised €7.5 million ($8.2 million) in a Series A extension from EIC Fund and others.
- Turngate, an Ellicott City, Md.-based IT and cybersecurity platform, raised $5 million in seed funding from Paladin Capital Group.
PRIVATE EQUITY
- Atlas Clinical Research, backed by BPOC, acquired Suncoast Clinical Research, a New Port Richey, Fla. and Palm Harbor, Fla.-based clinical trial operator. Financial terms were not disclosed.
- BWT Logistics, backed by Bluejay Capital Partners, acquired International Express Trucking, a Lowell, N.C.-based provider of freight transportation services, domestic trucking, and warehousing. Financial terms were not disclosed.
- Carlyle and Insight Partners agreed to acquire a majority stake in Exiger, a New York City-based supply chain and risk visibility platform. Financial terms were not disclosed.
- First Reserve acquired AP4 Group, a Lakeland, Fla.-based provider of critical power plant and turbomachinery maintenance services. Financial terms were not disclosed.
- GI Partners agreed to acquire DQE Communications, a Pittsburg, Penn.-based provider of infrastructure-oriented communication services. Financial terms were not disclosed.
- Heckens & Wood Capital acquired FortifyIT, an American Fork, Utah-based IT consultancy. Financial terms were not disclosed.
- Nordic Capital acquired a majority stake in IntegriChain, a Philadelphia, Penn.-based platform designed to connect pharmaceutical products with customers. Financial terms were not disclosed.
EXITS
- ADM agreed to acquire Fuerst Day Lawson, a London, U.K.-based developer of taste and ingredient solutions, from Highlander Partners. Financial terms were not disclosed.
OTHER
- mPulse acquired HealthTrio, a Tucson, Ariz.-based health care portal for health care providers, and Decision Point Healthcare Solutions, a Boston, Mass.-based data analytics and engagement optimization platform for health care providers. Financial terms were not disclosed.
- The JF Petroleum Group acquired Buckeye Oil Equipment, a Dayton, Ohio-based general contracting, petroleum services and construction company, and Reliable Construction Services, a Dayton, Ohio-based general contracting, petroleum services and construction company. Financial terms were not disclosed.
IPOS
- NeOnc Technologies Holdings, a Los Angeles, Calif.-based biotech company developing brain cancer therapies, filed to go public. Neucen Biomedical backs the company.
FUNDS + FUNDS OF FUNDS
- GREE LP Fund, a San Francisco-based fund-of-funds, raised $52.8 million for its first fund focused on North American venture capital firms.
PEOPLE
- AE Industrial Partners, a Boca Raton, Fla.-based private equity firm, promoted Charlie Compton, Kirk Konert, and Jon Nemo to managing partner.
- Evergreen Climate Innovations, a Chicago, Ill.-based venture capital firm, hired Michelle Carr as chief executive officer. Formerly, she was with The Nature Conservancy.
- Greycroft, a New York City, and Los Angeles, Calif.-based venture capital firm, promoted Nick Crance to principal.
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