Arkansas Teacher Retirement System announced the close of a second $30 million commitment to a fund of funds venture vehicle six months after its first.

The Little Rock pension system announced that it closed a $30 million commitment to Franklin Park Venture Fund XIII (Fund XIII), formerly known as Franklin Park Ventures Series 2019, according to its April 6 meeting.

The commitment to the venture fund of funds was made in December and closed in February.

Fund XIII expects to invest in a mix of established and emerging managers. It plans to invest 70 percent of the fund in tech funds and 30 percent in life sciences vehicles, according to a board meeting document. The vehicle will mainly target early-stage investors and will invest in US and global-focused managers.

Franklin Park has existing manager relationships with such firms as GGV Capital, Spark Capital, Lightspeed Venture Partners and S Capital. The pension fund won’t pay management fees for this vehicle.

The pension made an initial commitment of $30 million to Fund XIII in June by transferring the capital from the Franklin Park Venture Capital Access Fund. The firm made the original commitment on December 3, 2018, as shown in a board document, and confirmed by the pension.

The document says that Fund XIII had a faster trajectory to closing than the Access Fund, which is a new fund series for the manager, and that the switch would allow the pension to put its money to work earlier.

Fund XIII also grabbed a $12 million commitment from the Montgomery County Employees’ Retirement System during Q3 2019.

The pension’s entire venture strategy is executed through Franklin Park vehicles. The pension has invested in each of the manager’s yearly venture fund vintages since 2008.

The manager makes up about 25 percent of the pension’s private equity portfolio. Franklin Park’s slice of the pension’s portfolio is worth more than $616 million. That total includes private equity commitments in addition to venture.

The pension’s private equity bucket is worth more than $2 billion and makes up approximately 13 percent of the overall fund. The fund targets 12 percent for the asset class.

The Arkansas Teacher Retirement System was founded in 1937 and currently serves more than 133,000 active and retired members. The pension has more than $18 billion in assets under management.