Searches and Hires

Rhode Island commits to 2 alternatives funds, hires systematic trend-following manager

Rhode Island State Investment Commission, Providence, approved commitments to two alternatives funds totaling $85 million and hired a systematic trend-following manager to run $105 million, said Evan England, spokesman for state Treasurer Seth Magaziner, who oversees the commission.

At its Wednesday meeting, the investment commission committed $50 million commitment to Virgo Societas Partnership IV, a middle-market credit fund managed by Virgo Investment Group focused on investments in industries like aviation, energy and health care.

The commission also approved a $35 million commitment to Stonepeak Infrastructure Fund III, managed by Stonepeak Infrastructure Partners. The fund would invest in U.S. and Canadian lower- to middle-market infrastructure projects, focusing on power, water, energy, communications, renewables and transportation.

The commitments are subject to successful contract negotiations.

Also at its meeting, the commission hired Aspect Management as a systematic trend-following manager to oversee $105 million within the pension fund's $624 million crisis protection portfolio.

Aspect joins Crabel Capital Management, Credit Suisse Asset Management and Welton Investment Partners, which were hired in April to manage $100 million each to run systematic trend-following strategies.

The investment commission manages the assets of the $8.17 billion Rhode Island Employees' Retirement System, Providence.