Rhode Island State Investment Commission, Providence, approved a commitment of $40 million to Riverside Micro-Cap Fund V, a buyout fund managed by Riverside Co., said Randy Rice, spokesman for state Treasurer Seth Magaziner, who oversees the commission.
The commitment was approved at the commission's meeting Wednesday. The commitment is subject to successful contract negotiations.
The commission previously committed $20 million to Riverside Capital Appreciation Fund VI in 2013 and $20 million to Riverside Micro-Cap Fund III in 2014.
The investment commission manages the assets of the $8.3 billion Rhode Island Employees' Retirement System, Providence. The pension fund had a 6% allocation to private equity as of April 30.