TCRS invested $150 million toward General Catalyst's latest funds, which totaled $2.3 billion. The pension system held its March board meeting via Zoom.
Geoffrey Love, Wellcome Trust
Wellcome Trust is not letting the covid-19 pandemic put a chill on its investing. The $33 billion foundation today re-upped with a healthcare venture capital fund, and it is well-positioned for future investments, says p rincipal Geoffrey Love.
Many VC investors came into 2020 underallocated into the asset class. They want to wait until the market stabilizes to assess if portfolios need to be rebalanced.
While UM did not back Sequoias' third megafund, the endowment committed in 2019 to two of the firm's smaller funds.
San Jose
The pension voted to bump up its allocation to venture FoFs and trims its direct fund investments.
Summit Europe Fund II was up 32.5% during the quarter and Trinity Venture XII was up 8.2%.
The pension's portfolio has lost billions in value as the public markets have struggled due to the covid-19 pandemic.
The California pension fund made a $10m commitment to Material Impact Fund II.
TCDS has invested in multiple other Lightspeed funds and recent investments were closed on March 6.
LP Conrad Shang UTIMCO Texas
UTIMCO's Conrad Shang, who says he is optimistic about the VC asset class, shares what he tells new managers he meets.

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