Texas County & District Retirement System, Austin, committed a total of $350 million to four alternative investment funds run by existing money managers, a transaction report from the $43.9 billion pension fund showed.
From the fund's $4.8 billion direct-lending portfolio, $150 million was committed to OrbiMed Royalty & Credit Opportunities IV. OrbiMed Advisors' portfolio managers will seek to acquire health-care royalty rights and monetize intellectual property from health-care companies and institutions.
Comvest Partners was awarded a $100 million allocation to the firm's direct-lending fund, Comvest Credit Partners VI, which targets middle-market companies with a focus on health care, technology, transportation logisitics, financial services and other sectors.
As of Dec. 31, the system's actual allocation to direct lending was 11% of plan assets vs. its target allocation of 16%.
Year-to-date April 29, TCDRS' investment team committed a total of $1 billion to seven direct-lending strategies managed by seven managers, the current transaction report showed. In 2021, the system committed a total of $1.6 billion to 16 strategies managed by 13 money managers, the transaction report for that year showed.
A total of $100 million was committed from the system's $10.7 billion private equity/venture capital portfolio as of April 29, the 2022 transaction report showed.
OrbiMed Private Investments IX received a $70 million commitment for investment in companies producing pharmaceutical and medical device sectors in North America and Europe.
OpenView Venture Partners VII was given a $30 million commitment to seek opportunities to provide expansion and late-stage capital to high-growth software, new media, internet and tech-enabled companies.
As of Dec. 31, the system's actual allocation to private equity and venture capital managers was 24.4%, just below the 25% target allocation. Year-to-date April 29, the system committed a total of $1.1 billion to 13 private equity/venture capital firms managing18 strategies.
In all of 2021, Texas County & District committed a total of $4.6 billion to 33 strategies managed by 26 firms, the 2021 transaction report showed.
