The $29.1 billion Texas County & District Retirement System, Austin, committed $30 million to existing venture capital manager DCVC Management Co., a transaction report showed.
TCDRS investment officers made the commitment to DCVC Bio II from the system's $5.6 billion private equity/venture capital portfolio on May 29.
The fund's portfolio managers will seek early stage investments in life-science companies. DCVC, also known as Data Collective, said on its website that it "backs entrepreneurs applying deep tech to transform giant industries."
Including the latest DCVC commitment, Texas County & District has committed $847 million to 15 private equity and venture capital funds run by 13 firms year-to-date May 29. In contrast, TCDRS committed a total of $1.2 billion to 28 funds managed by 27 firms in all of 2019, transaction reports showed.