Texas County & District Retirement System, Austin, committed $50 million to a new venture capital fund run by existing manager Summit Partners, a transaction report for the $29.1 billion pension fund showed.
Investment officers overseeing the pension fund's $5.6 billion private equity/venture capital portfolio made the commitment to Summit Partners Venture Capital Fund V-A.
TCDRS committed a total of $50 million to the previous fund in Summit Partners' venture capital fund series via two commitments in 2015. The pension fund also has made numerous investments in Summit Partners' private equity funds.
With the addition of the Summit Partners' latest venture capital fund, TCDRS has committed a total of $897 million to 16 private equity/venture capital funds run by 13 firms.
In all of 2019, the pension fund's commitments to 28 private equity/venture capital funds totaled $1.2 billion and were managed by 27 firms, transaction reports showed.