TCV gets $150 mln from Washington State

washingtonstate

Technology Crossover Ventures, which has been raising its eighth fund since last year, scored a commitment of up to $150 million from the Washington State Investment Board.

TCV VIII has been targeting $2.5 billion, according to a potential LP who considered committing to the fund, as well as documents from the Los Angeles City Employees’ Retirement System, which committed to the fund earlier this year. The firm filed a marketing disclosure form with the Securities and Exchange Commission in January.

TCV closed its Fund VII in 2007 on $3 billion. That vehicle was generating a 10.91 percent internal rate of return as of March 31, 2013, according to performance information from the California State Teachers’ Retirement System.

Washington State is an indirect existing investor in TCV, having committed through portfolios managed by Invesco and Pathway Capital Management, according to a spokesperson for the investment board.

TCV this year led a $41 million Series C financing round in Minted, an online marketplace for independent design and art. The company announced the funding in October. Woody Marshall, a general partner at TCV, joined the company’s board of directors.

Washington State Investment Board last month also approved up to $200 million in TPG Opportunities Partners III, which is targeting $2.65 billion for special situations investments, according to board documents. WSIB committed $200 million to TPG Opportunities Fund II in 2012. The investment board has invested more than $2 billion with TPG since 2000, according to the spokesperson.

The system also pledged up to $200 million to EIG Energy Fund XVI, a hybrid debt and structured equity fund focused on energy. EIG Global Energy Partners announced the final close of Fund XVI Monday on $6 billion.

Finally, the system also committed up to $100 million to Olympic Sun, which is targeting investments in permanent and vegetable cropland in the U.S. WSIB will own 95 percent of the equity, while UBS AgriVest, acting as general partner and manager, will own the other 2 percent, according to the spokesperson.

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