Rhode Island State Investment Commission, Providence, approved one new manager hire and two alternative fund commitments totaling up to $175 million for the $10.2 billion Rhode Island Employees' Retirement System.
The commission at its April 27 meeting hired Advent Capital Management to run $100 million in a U.S.-focused long-only convertible bond strategy, said Benjamin Smith, spokesman for Rhode Island state Treasurer Seth Magaziner, who oversees the commission, in an email.
A funding source was not provided.
The commission also approved commitments of up to $50 million to global buyout fund Advent International GPE X and up to $25 million to GEM Realty Fund VII, an opportunistic real estate fund managed by GEM Realty Capital.
As of March 31, the retirement system's actual allocations to private equity, liquid credit and non-core real estate were 14.7%, 2.9% and 2.2%, respectively.
