Rhode Island State Investment Commission, Providence, approved four commitments and manager hires totaling $620 million for the $7.9 billion Rhode Island Employees' Retirement System.
The commission on Wednesday approved hiring Fidelity Institutional Asset Management to run about $280 million in an investment-grade credit portfolio and Loomis, Sayles & Co. to run another $280 million in a securitized credit portfolio, confirmed Evan England, spokesman for state Treasurer Seth Magaziner.
The hires are the results of the commission's recent creations of targets of 3.25% each to investment-grade credit and securities credit asset classes. Funding came from decreasing the commission's core fixed-income allocation.
Investment consultant NEPC assisted.
Separately, the commission approved a commitment of up to $50 million to Stonepeak Infrastructure Fund IV, managed by Stonepeak Infrastructure Partners. The commission also approved increasing its commitment to Stonepeak Master Co-Investment Partners to $30 million from $20 million to allow for co-investing with Fund IV.
As of March 31, the actual allocation to infrastructure was 3.1%.
Alternatives consultant Cliffwater assisted.