[Updated] US pension fund TCDRS commits $70m to China-focused venture funds
Beijing, China. Photo: zhang kaiyv/unsplash
Texas County & District Retirement System (TCDRS) has committed $40 million to two investment vehicles managed by Chinese venture capital firm Source Code Capital and another $30 million to an IDG Breyer Capital fund.
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It now manages $2.5 billion and 8.8 billion yuan ($1.3 billion) across multiple dual-currency funds.
IDG has backed about 1,000 tech firms and has made over 200 exits.
