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UTIMCO

Pension fund · Founded 1996 · Austin, United States

#8 LP Ranking #3 of 1,316 pension funds

UTIMCO was established to manage investments for the University of Texas System's funds, becoming the first investment corporation formed by a public university system

Website ↗LinkedIn ↗
293 VC firms backed
$66B AUM
~$6.6B Allocated to VC (est. 10%)
01 · Background

Who UTIMCO is.

Historical Background
The University of Texas/Texas A&M Investment Management Company (UTIMCO) was established in March 1996 as a 501(c)(3) corporation. It holds the distinction of being the first external investment corporation created by a public university system in the United States, formed to manage the assets of The University of Texas and Texas A&M Systems.
Source of Capital
UTIMCO's capital is derived from the endowment and operating funds of The University of Texas and Texas A&M University Systems. The organization manages several distinct funds, including the Permanent University Fund (PUF), which is the largest public university endowment in the country, and various operating funds intended for shorter-term institutional needs.
Major Events
The investment firm made a notable acquisition of physical gold bullion, valued in the hundreds of millions of dollars. UTIMCO established a new allocation to Real Estate Investment Trusts (REITs) following a strategic asset allocation review. For the 2026 fiscal year, the board approved a new investment policy that increases allocation targets for private equity and hedge funds.
Allocation Strategy
The firm invests across a broad and diversified range of asset classes, including public equities, fixed income, real estate, private equity, and venture capital. UTIMCO's strategy includes a focus on complex and illiquid assets to generate higher returns, and it utilizes strategic partnerships with external managers for tactical allocation and security selection. While investing across stages, the venture capital portfolio has shown a preference for early-stage and emerging funds.
Sources
02 · Fund commitments

The funds UTIMCO backs.

UTIMCO is a limited partner in 293 funds. 30 of them place in the Power Law Investor Ranking; those lead, best-ranked first.

Y Combinator
United States
#1 Power Law
Sequoia Capital
United States
#2 Power Law
BoxGroup
United States
#15 Power Law
Insight Partners
United States
#23 Power Law
Techstars
United States
#26 Power Law
Thrive Capital
United States
#34 Power Law
Initialized Capital
United States
#41 Power Law
Spark Capital
United States
#51 Power Law
Atlas Venture
United States
#53 Power Law
Notable Capital
United States
#61 Power Law
TCV
United States
#67 Power Law
IA Ventures
United States
#101 Power Law
03 · Allocation

How UTIMCO’s fund book is spread.

The 293 funds UTIMCO backs, by where the manager is headquartered and how many funds that manager has raised.

Where those managers are based

By fund headquarters, across the 289 of 293 with a location on record.

  • North America 21474%
  • Europe 3913%
  • Rest of world 3612%

United States 210 · United Kingdom 22 · Brazil 6 · Hong Kong 6

How established those managers are

Managers grouped by how many funds they have raised — across the 147 of 293 with a fund history on record.

Emerging funds · 68
Established funds · 79
28 1
21 2
19 3
13 4
22 5-6
18 7-9
17 10-14
9 15+
Funds raised by the manager
04 · Direct investments

The companies UTIMCO backs directly.

UTIMCO holds 5 companies directly, separate from the funds it commits to as a limited partner.

AgBiome
Food · USA
$464M valuation
Oblong Industries
Enterprise Software · USA
$1.1M valuation
Agrivida
Food · USA
$32M valuation
Synergis Education
Education · USA
$31M valuation
Grupo Los Grobo
Fintech · Argentina
05 · Other LPs

Other LPs.

Other pension funds in the Power Law LP ranking, closest to UTIMCO by combined power-law score — North America first, then the nearest worldwide.

CalPERS
LP rank #1 · United States
$502B AUM 312 VC funds backed
HP Incorporated Master Trust
LP rank #7 · United States
$13B AUM 58 VC funds backed
MIT Basic Retirement Plan
LP rank #11 · United States
$3.0B AUM 60 VC funds backed
SBC Master Pension Trust
LP rank #13 · United States
$58B AUM 92 VC funds backed
Retirement Plan of Duke University
LP rank #16 · United States
$8.5B AUM 71 VC funds backed
Liberty Mutual Retirement Benefit Plan
LP rank #18 · United States
$100B AUM 59 VC funds backed
University of California Board of Regents
LP rank #19 · United States
$152B AUM 69 VC funds backed
Operating Engineers Trust Fund of Washington D.C. and Vicinity
LP rank #20 · United States
$1.5B AUM 52 VC funds backed