Searches and Hires

Texas County & District pledges $60 million to venture capital funds

Texas County & District Retirement System, Austin, committed a total of $60 million to two new venture capital funds from existing manager Spark Capital, a transaction report showed.

The $29.2 billion pension fund committed $40 million to Spark Capital Growth Fund III and $20 million to Spark Capital VI.

TCDRS committed or invested $15 million in 2014 to the first fund in Spark Capital's growth fund series and $20 million in 2016 to the second fund. It committed $10 million in 2013 to Spark Capital IV and $12.5 million to the fifth fund in the series, according to the transaction report.

The Spark Capital commitments are the fund's first to venture capital from its $4.5 billion private equity portfolio so far this year. In 2018, the fund committed a total of $1.15 billion to 19 private equity and venture capital funds.