Texas County & District Retirement System, Austin, committed a total of $40 million to two new venture capital funds run by existing manager Mayfield Fund, a transaction report from the $33.4 billion pension fund showed.
From the pension fund's $5.3 billion private equity/venture capital portfolio, TCDRS investment officers earmarked $20 million for Mayfield XVI Holdings, which will invest in early stage U.S. companies in the technology, telecoms and clean-tech sectors.
The pension fund also committed $20 million to Mayfield Select II Holdings. Portfolio managers will focus on investment in later-stage U.S. companies that are in earlier vintage Mayfield portfolios. Unlike the first fund in Mayfield's Select fund family, portfolio managers may also invest in early growth stage companies outside Mayfield's own portfolios, a news release from the company said.
In 2016, TCDRS committed $15 million to Mayfield XV Holdings and $5 million to Mayfield Select Holdings.
Including the commitments to the Mayfield funds, the pension fund committed a total of $713 million to 12 private equity and venture capital funds managed by 10 firms year-to-date March 18.
In 2019, the pension fund committed a total of $1.2 billion to 28 private equity/venture capital funds managed by 27 firms, according to transaction reports.