University of Michigan commits $10m to Beijing-based VC Miracle Plus

Aerials view of Michigan Stadium as the sun rises during a Day in the Life of the University of Michigan on August 23, 2011.

The University of Michigan has approved a commitment of $10 million to Miracle Plus, a Beijing-based venture capital fund that invests in early-stage technology companies founded in China, according to a board document.

The recommendation was approved by the university’s regents at a meeting late last week.

Founded by Qi Lu in 2019, Miracle Plus is raising its maiden venture capital fund – Miracle Plus Fund I – to invest in early-stage technology companies through an accelerate batch programme that will be offered twice yearly for several entrepreneurs and individuals.

The fund focuses on firms that are leveraging technology to solve deeply technical problems, the University of Michigan said. Miracle Plus also plans to invest selectively in companies that graduate from its batch programs.

Fund I, which was launched in October 2019, made the first close in November with $55 million in commitment from 11 investors. The firm did not specify the hard cap for its maiden fund based on its US Securities and Exchange Commission filing.

“The commitment offers the long term portfolio the opportunity to invest with a firm that plans to take a differentiated approach to obtain significant ownership stakes in high-potential technology companies founded in the region,” the University of Michigan said.

Miracle Plus was one of the two alternative funds that the university had committed to in February. The institution also committed $50 million to SDC Digital Infrastructure Opportunity Fund II, a New York-based fund manager that makes opportunistic investments in the digital infrastructure market, including data centres.

The two funds are new to the university’s $12.9 billion long-term endowment pool. The university’s long-term investment portfolio, which is mostly made up of the endowment, returned 6.4 per cent in the 2019 fiscal year that ended June 30.

With a 20-year annualized return of 9.2 per cent, the university ranks in the top decile for long-term investment performance among university endowments, where the median annualized return is 6.3 per cent, according to reports.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.