Stichting Pensioenfonds PGGM, Zeist, Netherlands, invested €500 million ($609 million) in Cyrte Investments' TMT Fund. Funding will come from small reductions to "all the other asset classes," according to Ellen Habermehl, spokeswoman; she declined to provide further details. The initiative was part of the €71 billion pension fund's overall effort to move away from benchmarks toward absolute-return strategies. The TMT fund, a venture capital fund launched in February for institutional investors, hopes to raise €1.5 billion to invest in global listed and non-listed companies in telecommunications, media and technology. It's the first fund by Cyrte Investments, which was established in 2000 to manage the private wealth of Dutch media tycoon John de Mol. PGGM is the first investor in the fund.