The District of Columbia Retirement Board is the latest public pension fund to commit to Updata Partners‘ Fund VI.
The U.S. capital-based pension fund announced a $40 million commitment to the fund in documents from its Sept. 19 board meeting.
Updata Partners VI is a growth equity fund focused on making investments in software and tech companies. The fund was launched in October 2018 and is targeting $300 million.
Updata Partners makes equity investments, that range from $10 million to $25 million in size, in companies located outside the Bay Area that have between $5 million and $50 million in revenue. The firm will also invest up to $50 million in co-investments with a limited partner.
The fund has also received $25 million from the Texas Municipal Retirement System, as previously reported by Venture Capital Journal, $75 million from the State of Wisconsin Investment Board, and $50 million from the Teacher Retirement System of Texas.
This was the DC pension fund’s first investment into the manager. The pension currently categorizes growth equity in its venture capital portfolio, which lives in its private equity bucket.
The fund’s private equity bucket is 5 percent of the portfolio, which is under its target allocation of 9 percent.
Other venture funds the LP has invested in include a $25 million commitment into Technology Crossover Ventures X and $15 million into Spectrum Equity Investors VIII.
The District of Columbia Retirement Board was founded in 1979 and currently serves more than 19,000 people. The fund has more than $8.2 billion in assets under management.