Texas County & District Retirement System committed a total of $40 million to two China-focused venture capital funds from Sky9 Capital, a new manager for the $30.4 billion pension fund.
Investment officers of the Austin-based pension fund committed $30 million to Sky9 Capital Fund IV and $10 million to Sky9 Capital MVP Fund, a transaction report showed.
Sky9 Capital portfolio managers will focus on discovering investment opportunities in early stage internet, enterprise and deep technology companies in China.
Including the two Sky9 Capital funds, TCDRS has committed a total of $1 billion to 18 private equity and venture capital funds run by 17 asset managers year-to-date July 12. That roughly half-year total for 2019 matches the dollar amount committed in all of 2018 to 19 funds offered by 14 managers, according to transaction reports.