Rhode Island State Investment Commission, Providence, committed a total of up to $120 million to two private equity funds and a private credit fund, said Evan England, spokesman for state Treasurer Seth Magaziner, who oversees the commission.
At its December meeting, the commission approved up to a $50 million commitment to buyout fund Wynnchurch Capital Partners V and up to $50 million to buyout fund Pollen Street Capital Fund IV.
The commission also committed $20 million to Shamrock Capital Content Fund II, a private credit fund managed by Shamrock Capital Advisors.
The commission, which oversees the $8.5 billion Rhode Island Employees' Retirement System, Providence, made some other strategic asset allocation changes at its December meeting, increasing emerging market debt to 2% from 1% of the portfolio, long-duration treasuries to 5% from 4%, systemic trend following to 5% from 4%, and puts to 10% from 8%.
At its November meeting, the commission redeemed an $111 million investment in the J.P. Morgan Strategic Property Fund managed by J.P. Morgan Asset Management. The move was mainly because the core real estate asset class was overweight and is being rebalanced to move more into the inflation-protection portfolio, Mr. England said.