Lightspeed Venture Partners, which recently launched its next round of fundraising, is on track to receive commitments from the New York State Teachers’ Retirement System.
The pension system’s executive director/chief investment officer Thomas Lee approved a commitment of up to $35 million to Lightspeed Venture Partners X. That commitment is expected to close in the first quarter. Lee also approved a commitment of up to $25 million to Lightspeed Venture Partners Select Fund I – that pledge also is expected to close in the first quarter, according to public meeting materials from the system.
The system, which had total net assets of $95.4 billion as of June 30, 2013, is completing due diligence on the funds, which is why they’ve haven’t received final approval.
Lightspeed is raising two funds – one that will target early-stage investments, and another that will focus on growth opportunities, sources told peHUB in prior interviews. The two funds together could seek a total of $800 million, the sources said.
Lightspeed declined to comment.
The New York system committed $150 million to private equity funds in the fourth quarter, and has another $285 million in commitments under consideration, according to the latest investment report.
New York State Teachers committed up to $25 million to FirstMark Capital III, up to $25 million to General Catalyst VII and up to $100 million to GTCR XI, the report said.
Venture firm FirstMark Capital closed its third fund on $225 million in November. General Catalyst closed its seventh fund in December on $675 million, while GTCR recently held a final close on its eleventh fund well over target, on $3.85 billion.
The system’s investment staff also is performing due diligence on Energy Capital Partners III, targeting $3.5 billion, to which a commitment of $125 million was given preliminary approval on Dec. 30 by the investment committee; and CVC Capital Partners Asia Pacific IV, also targeting $3.5 billion, to which a commitment of up to $100 million was given approval by CIO Lee.
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