University of Houston System's endowment management committee approved commitments totaling $10 million to three venture capital funds managed by Khosla Ventures for the system's $1 billion endowment.
The committee approved commitments of $5 million to early stage fund Khosla Ventures VIII, $4 million to later-stage fund Khosla Ventures Opportunity II and $1 million to seed-stage fund Khosla Ventures Seed Fund at its May 18 meeting, a webcast of the meeting showed.
Khosla Ventures is a new manager for the endowment.
As of March 31, the endowment's actual allocation to private markets was 37.4%; the target is 31%.
Investment consultant NEPC assisted.