Texas County & District commits $145 million to distressed debt, venture capital funds

Texas County & District Retirement System, Austin, committed a total of $145 million to two private credit funds, a transaction report for the $28 billion pension fund showed.

Investment officers awarded $100 million to Silver Point Distressed Opportunity Institutional Partners, the pension fund's first commitment to distressed debt in 2018. TCDRS previously committed a total of $165 million to three private debt funds managed by Silver Point Capital: Silver Point Specialty Credit Fund, $50 million; Silver Point C&I Opportunity Fund II, $35 million; and Silver Point Capital Fund, $80 million.

Investment staff also earmarked $45 million for OrbiMed Private Investments VII, a venture capital focused on investment in the pharmaceutical and medical device sectors in North America and Europe.

Investment officials committed $30 million to the previous fund in OrbiMed Advisors' series and $20 million to the fifth fund in the series. TCDRS also invested $30 million in OrbiMed Royalty Opportunities II.

The most recent commitment to OrbiMed Advisors is the pension fund's first from its private equity/venture capital portfolio this year, the transaction report showed.