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With some pensions and foundations pulling back from fund commitments in 2024, government-related investment organizations stepped in to fill the void.
Of the 14 most active LPs last year, six were government-backed entities, which, as a group, accounted for 75 of the 138 known commitments made to closed-end VC funds, according to Venture Capital Journal research.
Leading the pack was the European Investment Fund (with 24 commitments), followed by SME Support Japan (14), Development Bank of Japan (13), British Patient Capital (nine), International Finance Corporation (nine) and Japan Investment Corporation (six).
Pension funds made up the second-most active group of LPs. They collectively backed 23 funds. At the top was the California Public Employees’ Retirement System (with seven commitments), followed by Los Angeles City Employees’ Retirement System (six), New Mexico Public Employees Retirement Association (five) and Massachusetts Pension Reserves Investment Management Board (five).
Rounding out the 14 most active LPs were sovereign wealth fund New Mexico State Investment Council (with 17 commitments), endowment University of Texas/Texas A&M Investment Management Company (13), bank BNP Paribas Asset Management (five) and corporate Mitsui OSK Lines (five).
At the very top of our list is the European Investment Fund, which was established in 1994 by the European Investment Bank, European Union and a variety of public and private financial institutions.
The EIF invests mainly in funds targeting companies in technology, media and telecommunications. Seventeen of the 24 VC funds that it backed in 2024 have a TMT focus. The LP also showed strong interest in funds focused on combating climate change, committing to nine funds that report cleantech or renewable technologies as a major areas of focus. EIF also committed to four funds focused on agriculture.
In addition to being the year’s most active investor, EIF had the distinction of making the largest investment in a VC fund in 2024. It committed €350 million to Kembara Fund I FCR, a deep tech and climate fund targeting a €1 billion that is managed by Spain-based Mundi Ventures SGEIC. “Kembara will make equity investments in European deep tech and climate companies at the growth stage (Series B and C), predominantly in Germany, Spain, France, and Sweden, as well as in other EU Member States,” Mundi said in a statement.
The second largest investment was a $300 million commitment by New York State Common Retirement Fund to General Catalyst Group XII, a collection of three funds managed by General Catalyst that raised a combined $4.5 billion.
The third largest commitment was CPP Investments’ $204 million investment in Radical Ventures Growth Fund I, an $800 million vehicle managed by Toronto-based Radical Ventures that will make growth investments in North American companies in financial services, healthcare, industrials and manufacturing.
Click the top right of the report to view full screen
With some pensions and foundations pulling back from fund commitments in 2024, government-related investment organizations stepped in to fill the void.
Of the 14 most active LPs last year, six were government-backed entities, which, as a group, accounted for 75 of the 138 known commitments made to closed-end VC funds, according to Venture Capital Journal research.
Leading the pack was the European Investment Fund (with 24 commitments), followed by SME Support Japan (14), Development Bank of Japan (13), British Patient Capital (nine), International Finance Corporation (nine) and Japan Investment Corporation (six).
Pension funds made up the second-most active group of LPs. They collectively backed 23 funds. At the top was the California Public Employees’ Retirement System (with seven commitments), followed by Los Angeles City Employees’ Retirement System (six), New Mexico Public Employees Retirement Association (five) and Massachusetts Pension Reserves Investment Management Board (five).
Rounding out the 14 most active LPs were sovereign wealth fund New Mexico State Investment Council (with 17 commitments), endowment University of Texas/Texas A&M Investment Management Company (13), bank BNP Paribas Asset Management (five) and corporate Mitsui OSK Lines (five).
At the very top of our list is the European Investment Fund, which was established in 1994 by the European Investment Bank, European Union and a variety of public and private financial institutions.
The EIF invests mainly in funds targeting companies in technology, media and telecommunications. Seventeen of the 24 VC funds that it backed in 2024 have a TMT focus. The LP also showed strong interest in funds focused on combating climate change, committing to nine funds that report cleantech or renewable technologies as a major areas of focus. EIF also committed to four funds focused on agriculture.
In addition to being the year’s most active investor, EIF had the distinction of making the largest investment in a VC fund in 2024. It committed €350 million to Kembara Fund I FCR, a deep tech and climate fund targeting a €1 billion that is managed by Spain-based Mundi Ventures SGEIC. “Kembara will make equity investments in European deep tech and climate companies at the growth stage (Series B and C), predominantly in Germany, Spain, France, and Sweden, as well as in other EU Member States,” Mundi said in a statement.
The second largest investment was a $300 million commitment by New York State Common Retirement Fund to General Catalyst Group XII, a collection of three funds managed by General Catalyst that raised a combined $4.5 billion.
The third largest commitment was CPP Investments’ $204 million investment in Radical Ventures Growth Fund I, an $800 million vehicle managed by Toronto-based Radical Ventures that will make growth investments in North American companies in financial services, healthcare, industrials and manufacturing.
