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February 14, 2019 12:00 AM

Texas County earmarks $100 million for first direct-lending fund in 2019

Christine Williamson
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    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.

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