Texas Permanent School Fund, Austin, is taking a minority stake in private equity firm Velocity Capital Management, according to a joint news release.
The $56 billion pension fund is also committing $200 million to the firm’s flagship fund, Velocity Opportunity Fund, as well as additional co-investments in credit and real estate investment opportunities, a firm spokesperson said.
Terms of the general partnership deal, which is expected to close as early as in the fourth quarter, were not disclosed.
“We believe there will be continued disruption and innovation of intellectual property within the sports, media and entertainment industries,” said Robert Borden, CEO and CIO of Texas Permanent School Fund, in the release. “Velocity Capital Management is strongly positioned to capitalize on this investment theme.”
Velocity was founded in 2021 and has $250 million in assets under management.
