Rhode Island State Investment Commission, Providence, made a total of $60 million in commitments to two investment funds, confirmed Joy Fox, spokeswoman for Rhode Island Treasurer Gina Raimondo, who oversees the commission.
The state investment commission, which manages the $8.3 billion Rhode Island Employees' Retirement System, Providence, at its Dec. 18 meeting approved a commitment of up to $35 million to Waterton Residential Property Fund XII, a multifamily real estate fund. Waterton Residential is looking to raise $500 million for the fund, which is expected to generate an internal rate of return of 13% to investors. The board agreed to commit to the fund only if it exceeds a minimum committed value of $200 million.
The commission also approved a $25 million commitment to Summit Credit Fund II, a private equity fund being raised by Summit Partners to invest in private debt. The commission had committed to the firm's previous credit fund.
In addition, the commission also approved the addition of the TIAA-CREF Social Choice Equity Fund as a socially responsible investment option for participants of the state's new defined contribution plan. Ms. Fox did not have any additional details about the defined contribution plan at press time.