Texas County & District Retirement System, Austin, committed a total of $100 million to two new venture capital funds offered by existing manager Lightspeed Venture Partners, a transaction report for the $33.4 billion pension fund showed.
From the pension fund's $5.3 billion private equity/venture capital portfolio, TCDRS committed $75 million to Lightspeed Venture Partners Select IV, a late-stage expansion fund. The fund's portfolio managers will make follow-on investments in the firm's core venture capital fund — Lightspeed Venture Partners XIII — to which the fund committed $25 million.
The core fund seeks investment opportunities in early-stage companies, mostly in the U.S.
TCDRS committed a total of $47 million to the prior funds in each Lightspeed venture capital fund series.
Including the two most recent commitments to Lightspeed, the pension fund's private equity investment officers have committed a total of $590 million to nine private equity or venture capital strategies run by eight managers year-to-date March 6.
In all of 2019, TCDRS committed a total of $1.2 billion to 28 private equity/venture capital strategies managed by 27 firms, transaction reports showed.