Searches and Hires

Rhode Island commits to German private equity fund

Rhode Island State Investment Commission, Providence, at its Wednesday meeting approved a commitment of €35 million ($43 million) to German Equity Partners V, said Evan England, spokesman for state Treasurer Seth Magaziner, who oversees the commission.

The private equity fund managed by ECM Equity Capital Management targets midsized companies in Germany. The commitment is subject to successful contract negotiations. It is a new relationship for the pension fund.

The commission also rehired Cliffwater as its alternatives investment consultant at its meeting.

The investment portfolio had 15.77% allocated to total private growth as of March 31.

The investment commission manages the assets of the $8 billion Rhode Island Employees' Retirement System, Providence.