Venture
from24/7 Wall St.
12 hours agoUniversity of Michigan's $20M OpenAI Bet Is Now Worth $2 Billion
Michigan invested $20 million in OpenAI early, and the stake is now expected to be worth about $2 billion, implying a 9,900% return.
The focus of Monday's discussions will be the university's endowment fund, worth about 4.2bn. The fund was set up to ensure the organisation's long-term financial security and is managed by the University of Cambridge Investment Management Limited (UCIM), a private company owned by the university. The company operates as a fund of funds a complex financial structure that means its money is spread across a wide range of sectors and overseen by an investment manager.