Many LPs have expressed growing comfort with investing with new managers digitally due to covid-19. And while the industry still interacts over Zoom, some are focusing more on re-upping with their successful relationships.
The Illinois Municipal Retirement Fund (IMRF) remained active, as always, in the asset class. The Oak Brook, Illinois-based LP announced on November 16 that it committed $85 million to four different venture funds.
The pension invested $60 million across three funds managed by Versant Ventures: Versant Venture Capital VIII, targeting $475 million; Versant Voyageurs II, targeting $125 million; and Versant Vantage II, targeting $225 million.
All three funds launched in November and will focus on investing at different stages of the healthcare and biotech sectors.
IMRF has invested a collective $125 million with the manager to date in such funds as Versant Medical Technology I, Versant Vantage I and Versant Voyageurs I.
The pension also announced a $25 million commitment to a special purpose vehicle managed by Lightspeed Venture Partners, LSVP TIPL-D. IMRF has a strong relationship with the manager and has committed an aggregate $468.1 million to it, including a $25 million commitment to its most recent India-focused vehicle.
TCV gains speed
The latest TCV fund, TCV XI, grabbed a $200 million re-up from the Massachusetts Pension Reserve and Investment Management Board (MassPRIM). The commitment was made in September and resurfaced in November board documents.
The LP has invested with the manager multiple times before, committing an aggregate $475 million to the firm’s last three funds alone.
Fund XI launched in October with a $3.25 billion target to focus on late- and growth-stage technology companies. The fund has already grabbed at least $693 million from US public pension funds.
Other notable commitments include Texas County and District Retirement System ($125 million), New York State Teachers’ Retirement System ($200 million) and the District of Colombia Retirement Board ($50 million).