Maryland confirms $75m commitment

The Baltimore-based public pension has backed a private debt fund focused on royalty financing.

Institution: Maryland State Retirement and Pension System
Headquarters: Baltimore, United States
AUM: $56.13bn
Allocation to alternatives: 26.40%
Bitesize: $50-100m

Maryland State Retirement and Pension System has agreed to commit $75 million to Healthcare Royalty Partners IV, a contact at the pension informed Private Debt Investor.

The firm held a final close of the fourth fund in its flagship series at $1.83 billion in January 2020. The series’ investment strategy focuses on purchasing royalties and using debt-like structures to invest in commercial or near-commercial stage biopharmaceutical assets.

As illustrated below, Maryland has made four commitments to private debt vehicles with a 2018 or 2019 vintage, which combined constitute at least $275 million.

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