Rhode Island State Investment Commission, Providence, hired Wellington Management to run about $170 million in active emerging markets debt for the $8.5 billion Rhode Island Employees' Retirement System.
The commission approved the hiring of Wellington at its Feb. 26 meeting, the result of the creation in 2019 of a new 2% target allocation to emerging markets debt, said Evan England, spokesman for Seth Magaziner, state treasurer.
No managers were terminated as a result of the hiring, Mr. England said. The target was created with reductions in core fixed income and cash.
Separately, the commission at the Feb. 26 meeting approved a commitment of up to $20 million to Riverside Micro-Cap IV-B, a growth buyout fund managed by Riverside Co. that will make follow-on investments to companies in which Riverside Micro-Cap IV made investments.
The commission previously committed $40 million to Riverside Micro-Cap Fund V in 2018.
As of Feb. 29, the retirement system's actual allocation to private equity was 8.2%.