While UM did not back Sequoias' third megafund, the endowment committed in 2019 to two of the firm's smaller funds.
The pension voted to bump up its allocation to venture FoFs and trims its direct fund investments.
Summit Europe Fund II was up 32.5% during the quarter and Trinity Venture XII was up 8.2%.
The pension's portfolio has lost billions in value as the public markets have struggled due to the covid-19 pandemic.
The California pension fund made a $10m commitment to Material Impact Fund II.
TCDS has invested in multiple other Lightspeed funds and recent investments were closed on March 6.
UTIMCO's Conrad Shang, who says he is optimistic about the VC asset class, shares what he tells new managers he meets.
The Los Angeles Fire and Police Pensions dove headfirst into venture last year and ran laps around its 2018 commitment total.