San Antonio Fire & Police Pension Fund approved two new commitments to venture capital funds of funds totaling $40 million.
The $4 billion pension fund’s board approved commitments of $20 million each to StepStone VC Global Partners XII, managed by StepStone Group, and Top Tier Venture Velocity Fund 5, managed by Top Tier Capital Partners, at its Jan. 29 meeting, recently released meeting minutes showed.
The pension fund previously committed $20 million each to StepStone VC Global Partners XI and Top Tier Venture Velocity Fund 4 in 2022.
The pension fund’s private equity target allocation is 9%.
Investment consultant NEPC assisted.
