Delaware PERS Invests $70M in Two Accel VC Funds

The Delaware Public Employees’ Retirement System (PERS) made $70M in follow-on investments to growth and venture capital funds managed by Accel Management.

According to recently released minutes from its November 19 meeting, the state pension’s investment committee voted unanimously to approve a $45M commitment to Accel Growth VII, and another $25M to Accel India VIII. Delaware has previously committed to both funds’ predecessors. Per Dakota data, it allocated $35M to Growth Fund VI in 2021, and $25M to India VII in 2022. The pension also made a $25M commitment to Accel’s middle-market buyout Accel London VIII earlier in the year.

Delaware PERS oversees approximately $14B in aggregate plan assets, according to Dakota data.