New York State Teachers' Retirement System, Albany, made a private equity commitment of up to $200 million to TCV XI, a late-stage venture and growth fund, according a report prepared for the $109.5 billion pension fund's upcoming governing board meeting Thursday.
The fund, managed by Technology Crossover Ventures, focuses on "investments in the enterprise IT, internet, services and software subsectors of the technology industry," the report said. Technology Crossover Ventures is an existing relationship for the pension fund.
The commitment was approved by Thomas Lee, executive director and chief investment officer, without a full board vote. The retirement system's rules allow the CIO to take action without a vote under certain circumstances.