The Ventura County Employees’ Retirement Association (VCERA) approved a 2020 venture investment plan and announced two Q1 commitments in mid-April.

The California pension system rubber-stamped a private equity pacing plan at its April 20 meeting that included VCERA’s venture commitment plans for the remainder of the year, as a member of the organization confirmed to Venture Capital Journal.

The approved plan outlines that the pension has five venture capital commitments in the 2020 pipeline, including three investments in early-stage managers, one growth equity manager and three multi-stage VCs.

The report added that the organization has two venture funds in due diligence and review process currently.

A PowerPoint from the board meeting also showed that the firm closed on two venture commitments during Q1. VCERA committed $9.2 million to Battery Ventures XIII and $6.2 million to Battery Ventures XIII Side Fund.

Battery Ventures wrapped up its pair of funds in February on a combined $2 billion to invest in tech companies across all stages. VCERA also committed in the previous vintages for the funds, which closed in 2018.

The pension’s current pacing plan puts venture and growth equity on track to make up 10 to 30 percent of the pension’s private equity portfolio by 2023. In doing so, it predicts the venture bucket will be worth an estimated $225 million.

The organization’s private equity strategy bucket has a 13 percent target, which went up from 10 percent after approval in 2019.

VCERA’s venture capital bucket was worth about $54 million at the end of 2019. Last year, it committed $15 million to Oak HC/FT III, $7.5 million to Drive Capital Fund III and $7.5 million to the Drive Capital Overdrive Fund I.

The pension’s venture strategy clocked a 24.95 percent return as of the end of 2019.

The Venture County Employees’ Retirement Association was founded in 1947 and currently serves more than 21,000 active and retired members. The pension plan has more than $6.1 billion in assets under management.