Texas County & District Retirement System, Austin, committed a total of $40 million to two China-focused private equity/venture capital funds, a transaction report from the $35.7 billion pension fund showed.
Beijing-based Source Code Capital, a new manager for TCDRS, received a $23 million commitment to Source Code Growth Fund II and $17 million to Source Code Venture Fund V from the pension fund's $6.8 billion private equity/venture capital portfolio.
Both funds will focus on early-stage and growth-stage Chinese technology companies in sectors that include the internet and artificial intelligence, according to the Source Code's website.
Including the two new commitments, as of Tuesday, TCDRS had committed a total of $145 million to five private equity/venture capital strategies run by four managers.
In all of 2020, the pension fund's investment officers committed a total of $2 billion to 32 private equity/venture capital strategies managed by 25 firms, transaction reports showed.