The $40.8 billion Texas County & District Retirement System, Austin, committed a total of $90 million to two venture capital funds run by existing manager Khosla Ventures on Jan. 6, a transaction report showed.
TCDRS investment officers committed $60 million to Khosla Ventures VIII and $30 million to Khosla Venture Seed F.
The firm's portfolio managers primarily target investment in technology-related companies in the U.S.
The system's private equity/venture capital portfolio totaled $11.3 billion as of Sept. 30. The actual allocation of the portfolio accounted for 28% of TCDRS' total defined benefit plan assets compared to the portfolio's 25% target allocation.