Texas County & District Retirement System, Austin, made its first commitment to a direct-lending credit strategy in 2019, a transaction report showed.
The $30 billion defined benefit plan earmarked $100 million to OrbiMed Royalty Opportunities Fund III on Jan. 30.
The fund is managed by OrbiMed Advisors and will buy royalty rights to health-care inventions, providing upfront capital for research.
TCDRS has invested in multiple OrbiMed health care-oriented direct lending and venture capital funds, including a $35 million commitment to the previous fund in the firm's royalty direct lending fund series.
In 2018, the pension fund's investment officers committed a total of $995 million to five direct lending strategies.
