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Maize and booze: Is University of Michigan betting on bourbon?

The description of the proposed investment by the University of Michigan read like the fine print few people can fully comprehend. U-M’s elected leaders voted in December 2017 to pour as much as $130 million into a new fund to target "mining, distressed opportunities, operating businesses, and commodities or production inputs that exhibit attractive upside potential due to valuation dislocations, transactional complexities, or supply and demand imbalances." Even with all those words, there may have been a surprising ingredient still missing: Bourbon. Records and interviews show the fund’s managers at a Canadian private-equity firm are behind a new bourbon […]

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