Searches and Hires

Rhode Island earmarks $55 million for venture capital, private equity

Rhode Island State Investment Commission, Providence, at its Wednesday meeting approved commitments to two alternatives managers totaling $55 million, said Randy Rice, spokesman for state Treasurer Seth Magaziner, who oversees the commission.

The investment commission committed $30 million to Industry Ventures Partnership Holdings V, a venture capital fund of funds. The commission also approved a $25 million commitment to Hastings Equity Partners Fund IV, a private equity fund that invests in lower- and middle-market energy services and equipment companies in the U.S.

The commitments are subject to successful contract negotiations.

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