Venture Capital
The commitment represents a new relationship for the city’s three pension plans.
Two prominent foundations are among the group of endowments, foundations, pensions, corporations and family offices to commit to a firm’s recently closed second venture fund.
The pension plan was notified of two commitments totaling $975 million last week.
The West Coast-based foundation committed to a seed-stage venture capital manager’s debut fund, which recently closed and was oversubscribed.
The retirement system added three more commitments to Lightspeed Venture Partners.
The pushback on diversity, equity and inclusion by the federal government, which plans to investigate whether DEI initiatives at several large universities and foundations are illegal, alongside several state governments has left some nonprofit institutions questioning their mission.
A consortium of nonprofits and private organizations are seeking a venture consultant to run a regional investment program for life science start-up companies.
The plan has now hired a total of 12 new international equity managers this year.
The commitments will target the non-coastal regions of the U.S.
The retirement system made private equity commitments totaling $35 million in January.