Rhode Island sets $40 million for buyout fund

Rhode Island State Investment Commission, Providence, approved a commitment to a private equity fund, said Evan England, spokesman for state Treasurer Seth Magaziner, who oversees the commission.

At its Wednesday meeting, the investment commission approved a $40 million commitment to RLH Investors IV, a small buyout fund managed by Riordan, Lewis & Haden. This is the first time the state has invested with RLH.

The commitment is subject to contract negotiations.

The State Investment Commission manages the assets of the $7.8 billion Rhode Island Employees' Retirement System, Providence.