Searches and Hires

Rhode Island OKs $100 million for 2 private equity funds

Rhode Island State Investment Commission, Providence, approved a total of $100 million in commitments to two private equity funds, said Evan England, spokesman for state Treasurer Seth Magaziner, who oversees the commission.

At its Wednesday meeting, the commission committed $50 million to Paine Schwartz Food Chain Fund V, a private equity fund managed by Paine Schwartz Partners that specializes in sustainable food chain investing; and $50 million to Baring Private Equity Asia Fund VII, a buyout fund. The SIC made previous commitments to both managers, said Mr. England.

The investment commission manages the assets of the $8.3 billion Rhode Island Employees' Retirement System, Providence. The system had a 6% allocation to private equity as of April 30.