Rhode Island Employees' Retirement System, Providence, approved a commitment of up to $50 million to Antares Capital Senior Loan Fund III for its private credit portfolio at the Dec. 4 meeting of State Investment Commission.
The approval was confirmed by Justin Maistrow, interim chief investment officer.
Antares Capital Senior Loan Fund III will invest in directly originated senior secured floating-rate loans to private equity-backed companies in the U.S. and Canada, according to materials included in the meeting agenda. Antares Capital will be the lead or co-lead arranger on each investment.
As of Oct. 31, 2024, the pension fund had an actual allocation of 3.1% to private credit, versus a target of 3%.
At the SIC meeting, ERSRI also approved a commitment of up to $25 million to CBRE U.S. Logistics Partners, a real estate fund managed by CBRE Investment Management, for its core real estate portfolio.
CBRE U.S. Logistics Partners will target distribution, fulfillment, and intermodal properties strategically located on the coasts and across major population centers throughout the U.S., according to meeting agenda materials.
As of Oct. 31, ERSRI had a 3.1% actual allocation to core real estate, with a 4% target. Also as of Oct. 31, ERSRI had about $11.5 billion in assets.