(Bloomberg) -- Drive Capital is selling a minority stake to investment firm Collective Global.

The cash infusion from Collective Global will help Columbus, Ohio-based Drive “invest in world-class technology companies” across the US, according to an emailed statement Wednesday, confirming an earlier Bloomberg report. Terms weren’t disclosed.

Collective Global, backed by California pensions including Orange County Employees Retirement System and the San Jose Retirement System as well as UK pension Railpen, is led by Co-Chief Executive Officers Sheel Tyle and Daniel Adamson. 

“We and our asset-owner partners behind Collective couldn’t be more excited” for the investment, Adamson said in a phone interview. 

Collective Global, which debuted in November and buys minority stakes in venture capital firms, said it had more than $1 billion of committed assets under management. 

Drive, led by co-founder Chris Olsen, a former Sequoia Capital partner, has invested in startups such as Duolingo Inc., Forge Biologics and insurance technology company Root Inc.

“Our partnership with Collective Global is a natural one,” Olsen said in the statement. “With the backing of Collective’s premier asset owner institutions, Drive is fundamentally transformed in our ability to support founders as they pursue industry-defining and world-changing innovations from all corners of the U.S.”

Venture firms including New Enterprise Associates and General Catalyst have pursued minority stake sales.

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