TCDRS picks Joy Capital for latest VC commitment


$40bn-managing Texas County and District Retirement System has committed a total of $83m to two existing alternative investment managers.

The pension fund has tapped its $11.5bn private equity/venture capital portfolio to commit $55m to Joy Capital IV.

The venture capital firm was said to have set a lower target for its fourth fund according to reports earlier in the month. It was looking to close Joy Capital IV on $300m after closing its predecessor on $391m two years ago.

The firm beat its initial target of $350m and hard cap of $385 for the Fund III close.

Joy registered a $300m Fund II raise with the SEC in August 2017 a year after collecting $200m for its debut fund.

The firm typically invests in both early and growth stage companies in the TMT and innovative consumption sectors, according to its website. Its portfolio companies include mobike, Megarobo, Luckin Coffee, Aqara, Lemon Photonics and North Ocean Photonics.

TCDRS has committed a total of $1.3bn to 21 strategies managed by 16 PE/VC managers so far this year.

It committed a total of $2.3bn to 21 strategies managed by 16 managers in 2021.

Copyright © 2022 AltAssets

Get the latest PE News & Research delivered to your inbox every morning