The Sacramento County Employees’ Retirement System (SCERS) has approved a $40m commitment to Khosla Ventures IX, according to a report by Private Equity International citing materials from the pension fund’s recent board meeting.
The fund, managed by Silicon Valley-based Khosla Ventures, is targeting $2.5bn to invest across technology, media and telecom (TMT), business services, financial services, and healthcare sectors in the US. Other institutional backers include the Illinois Municipal Retirement Fund and the New Mexico State Investment Council.
The latest commitment extends SCERS’ relationship with the manager, following prior allocations of $30m to Khosla Ventures VIII and $20m to Fund VII.
SCERS currently allocates 11.4% of its portfolio to private equity, slightly above its 11% target.
