The Tennessee Consolidated Retirement System has committed $25 million to Draper Fisher Jurvetson Fund X, which is targeting $400 million for venture investments.
The commitment is Tennessee’s fourth to private equity since the state legislature authorised the pension to invest in the asset class in 2008. The pension, with $27 billion in assets, made its first ever private equity investments in August, committing $150 million to TA Associates, Hellman & Friedman and Khosla Ventures.
DFJ lowered its initial target for its 10th fund from $600 million. The firm raised $650 million for its 9th fund in 2007.
DFJ, which was founded in 1985, pursues a variety of venture strategies across the globe. Along with its early stage funds, the firm closed a $290 million growth-stage fund in 2007 to pursue Series B and C tech investments.
The firm has offices more than 30 cities around the world and since its inception, has backed more than 600 companies.
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