TCDRS approves commitments to two Lightspeed funds

The US public pension approved $35m to two Lightspeed funds focused on China.

Institution: Texas County and District Retirement System
Headquarters: Austin, US
AUM: $40.8 billion
Allocation to alternatives: 52.6%

Texas County & District Retirement System has committed $35 million to two funds managed by Lightspeed Venture Partners, according to the pension’s latest investment activity.

The allocations include $18 million to Lightspeed China Partners V and $17 million to Lightspeed China Partners Select II.

Lightspeed Venture Partners launched both of its venture vehicles in August, seeking $950 million in total. This includes $450 million for LCP V and $400 million for LCPS II.

Like its predecessors, the funds will invest in early-stage tech companies and growth deals in China. TCDRS had previously committed $10 million across both of the predecessor funds.

The $40.8 billion public pension fund has a target allocation of 25 percent to private equity, which presently stands at 21.7 percent. Earlier this year, affiliate publication Private Equity International had outlined the pension’s revised investment policy for fiscal 2021.

As illustrated below, the pension’s recent fund commitments have predominantly targeted VC and buyout vehicles across North America and Asia-pacific.