Rhode Island State Investment Commission, Providence, committed a total of $70 million in new alternatives funds and an additional $35 million to two existing real estate relationships, according to recently released minutes of the March 27 board meeting.
The state investment commission, which oversees the $7.6 billion Rhode Island Employees' Retirement System, Providence, committed $50 million to a long/short credit hedge fund managed Claren Road Asset Management and $20 million to Riverside Capital Appreciation Fund VI, a buyout fund managed by Riverside Co.
The Claren Road commitment is being funded through the January redemption of Gracie Credit Opportunities Fund, managed by Gracie Asset Management. Cliffwater assisted.
Separately, the commission approved a $25 million additional commitment to AEW Core Property Trust and $10 million additional commitment to an open-end core real estate fund managed by Heitman. The commission originally committed $50 million to Heitman and $35 million to AEW.
Spokeswoman Joy Fox did not return a telephone call by press time.