Ventura County (Calif.) Employees’ Retirement Association approved $20 million in commitments to two venture capital funds managed by Drive Capital.
The $8.5 billion pension fund’s board approved commitments of $12 million to Drive Capital Overdrive Fund III and $8 million to Drive Capital Fund V at its Feb. 24 meeting, a webcast of the meeting showed.
VCERA previously committed $10 million each to Drive Capital Fund IV and Drive Capital Overdrive Fund II in 2021.
As of Dec. 31, the pension fund’s actual allocation to private equity was 18.3%; the target is 18%.
Investment consultant NEPC assisted.
