Texas County & District Retirement System (TCDRS) has committed $40 million to two investment vehicles of the Chinese venture capital firm Source Code Capital.

The US pension fund committed $17 million to Source Code Venture Fund V, and another $23 million to Source Code Growth Fund II, according to its investment updates for March 2021.

TCDRS said it allocates 25% of its capital to private equity, which will invest in strategies including buyouts, venture capital, real assets, and non-US buyouts.

The pension fund had nearly $34 billion in net plan assets, and clocked a 16.57% overall return by end-2019. The return from its private equity allocations in 2019 was 17.3%.

In a filing with the US Securities and Exchange Commission (SEC) earlier this year, Source Code Capital said it planned to raise $580 million for Source Code Growth Fund II and $420 million for Source Code Venture Fund V.

The Beijing-based firm, which has backed Chinese tech giants such as TikTok-owner ByteDance, announced this week that it has raised $1 billion for these funds. All of the firm’s existing limited partners invested in the new vehicles.

The fundraising has brought Source Code’s assets under management to $2.5 billion and 8.8 billion yuan ($1.3 billion) across multiple dual-currency funds.

The firm had previously raised $570 million in total for predecessor funds, Source Code Venture IV and Source Code Growth Fund I, in April 2019.

The VC has so far invested in over 200 companies, including food delivery giant Meituan; KE Holdings, a SoftBank-backed real estate services provider that went public on NYSE in 2020; electric scooter firm Niu Technologies; e-cigarette company RELX Technology; and electric vehicle (EV) manufacturer Li Auto, which completed a $1.1 billion Nasdaq IPO in 2020.