San Jose (Calif.) Police and Fire Department Retirement Plan committed $10 million to Next Play Capital III.
The $4.9 billion pension fund disclosed the commitment to the venture capital fund in materials for its upcoming Jan. 6 board meeting.
Ron Kumar, the pension fund's investment operations supervisor, said in an email it is the pension fund's first commitment to a fund managed by Next Play Capital.
As of Sept. 30, the pension fund's actual allocation to private markets was 19.4%; the target is 19%.
