The State of Michigan Retirement Systems (SMRS) made two $25 million re-up commitments to new funds from existing partnerships.

The Lansing, Michigan-based pension system allocated $25 million to Science Ventures Fund III and $25 million to Lightspeed Opportunity Fund during the second quarter, according to organization’s latest investment report.

Science Ventures Fund III was launched in July and is seeking $100 million to invest in early-stage technology. The retirement system in Q2 2017 invested $20 million in Science Ventures Fund II. Fund II closed on $75 million, surpassing its $60 million target, in February 2018.

The Lightspeed fund was launched in July and will focus on late-stage VC and growth investing. The target for the vehicle has not been disclosed.

SMRS previously invested in both Lightspeed Venture Partners VI and Lightspeed Venture Partners VII.

These latest commitments bring the pension’s investments into venture and growth funds up to $349.5 million through the third quarter of last year.

Separately, SMRS committed $59.5 million to Accel across four of the firm’s vehicles last year, including Accel Growth Fund V, $28 million, Accel XIV, $10 million, Accel Leaders Fund II, $9 million, and Accel London VI, $12.5 million.

The firm also invested in such managers as Menlo Ventures and Arboretum Ventures, among others.

The organization made 13 venture and three growth commitments in 2018 worth a combined $790 million.

Venture and growth are housed in the pension system’s private equity bucket. The strategy makes up 18.6 percent of the overall portfolio and is worth more than $13.89 billion, as of the end of the third quarter. The bucket is over its 18 percent target allocation.

The strategy currently has a 1-year return of 11.2 percent and a 10-year return of 15.4 percent, which are both below the targeted benchmarks of 13.1 percent and 18.7 percent, respectively.

The State of Michigan Retirement Systems is a pension network that covers the state’s employees, public school employees, judges, state police, and National Guard members.

The system serves more than 530,000 members both active and retired and has more than $74.9 billion in assets under management.