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Texas County commits $45 million to new venture cap manager for investment in tech companies

Texas County & District Retirement System, Austin, selected a new venture capital manager to commit to the firm's latest technology-focused fund, a transaction report showed.

The $29.2 billion pension fund committed $45 million to DCVC V, managed by DCVC Management Co., also known as Data Collective.

The firm "backs entrepreneurs applying deep tech to transform giant industries," according to DCVC's website. The fund's portfolio managers seek investments in companies focused on big data, deep computing and investment technology infrastructure companies.

Including the DCVC commitment, Texas County & District has committed a total of $341 million to seven private equity and venture capital funds year-to-date April 8, compared to a total of $1.1 billion to 19 funds in 2018, transaction reports showed.

The system also made an additional commitment of $25 million to KSL Capital Partners V, a private equity fund which invests in real estate travel and leisure businesses, in sectors such as hotels, resorts, fitness, family entertainment and skiing.

In May 2018, the pension fund's investment team committed an initial $75 million to the fund. Texas County & District also committed $40 million each to the third and fourth funds in KSL's series.

TCDRS includes the KSL funds in its real estate portfolio.

The recent top-up commitment to KSL V is the system's first to a real estate fund this year. In 2018, pension fund officials committed a total of $773 million to nine real estate funds, transaction reports showed.