Rhode Island State Investment Commission, Providence, made two new hedge fund investments totaling $100 million, according to Joy Fox, spokeswoman for Rhode Island Treasurer Gina Raimondo, who oversees the commission.
The investment commission, which manages the $8.3 billion Rhode Island Employees’ Retirement System, Providence, approved investments of $50 million each in ESG Cross Border Equity Fund, a long/short equity fund managed by Emerging Sovereign Group; and Luxor Capital Partners, an absolute-return and event-driven hedge fund run by Luxor Capital Group.
Also, the commission voted at its April 23 meeting to redeem its investment in Indus Asia Pacific Fund, a long/short equity fund managed by Indus Capital Partners, due to the commission’s ongoing efforts to reduce beta in its hedge fund portfolio, Ms. Fox wrote in an e-mail. As of March 31, the commission had $42.8 million invested in the fund.
Separately, the commission committed up to $30 million to Carlyle Asia Partners IV, a private equity fund managed by Carlyle Group.