LAS VEGAS (Reuters) - Two major institutional investors are backing Cinctive Capital, a new hedge fund being launched later this year by industry veterans Richard Schimel and Larry Sapanski, people familiar with the matter told Reuters. The Employees Retirement System of Texas, which invests roughly $28 billion, and PAAMCO Prisma, which built its reputation on investing with new hedge fund managers, have committed an undisclosed amount of cash to Cinctive. The leaders come from shuttered hedge fund Diamondback Capital. The investors agreed to lock their money up for multiple years, the sources said, talking on the condition of anonymity.