Maryland state pension system commits more than $170 mln to VC

The Maryland State Retirement and Pension System confirmed three recent venture commitments totaling more than $170 million.

The Baltimore-based pension fund recently committed $35 million to .406 Ventures IV, $35 million to .406 Opportunities Fund II and $100 million to Tiger Iron Old Line Fund II.

Point 406 Ventures Fund IV was launched in March and is targeting $250 million. The fund will focus on early-stage companies in such areas as cybersecurity, digital health, and data and cloud sectors, as previously reported by Venture Capital Journal.

The Opportunities Fund II is targeting $100 million and was also launched in March.

The pension previously made a $40 million commitment to .406 Ventures III, which closed in 2015, and a $25 million commitment into the fund’s second vintage, which closed in 2012.

The firm made a re-up commitment to Tiger Iron Old Line Fund II, which is a fund of funds that invests solely in venture funds. Tiger Iron Capital was launched in January 2016 and has offices in Boston and San Francisco. Maryland previously invested $300 million in the firm’s first vintage, as previously reported by Secondaries Investor, an affiliate of VCJ.

Other recent ventures commitments from the pension fund include a $6 million commitment into GGV Capital VII Plus, which focuses on tech investments in U.S. and China and a $10 million commitment into GGV Discovery II, which focuses on seed and early-stage deals.

Maryland currently invests in venture through its private equity bucket, which targets a 13 percent allocation. The PE portfolio was worth about $6.5 billion at the time of the firm’s most recent investment report, which was released at the end of fiscal 2018.

The Maryland state pension fund serves more than 400,000 members and retirees. The fund has more than $54 billion in assets under management.