Rhode Island State Investment Commission, Providence, approved two new real estate fund commitments totaling up to $45 million for the $10.3 billion Rhode Island Employees' Retirement System.
The commission approved commitments of up to $25 million to open-end core real estate fund Ventas Life Science and Healthcare Real Estate Fund and up to $20 million to Greystar Equity Partners XI, a non-core real estate fund managed by Greystar Real Estate Partners, at its March 22 meeting, recently released meeting minutes show.
Both are new managers for the pension fund.
As of March 31, the pension fund's actual allocations to core real estate and non-core real estate were 3.9% and 2.2%, respectively; their respective targets are 4% and 2.5%.
Investment consultant NEPC assisted.
Commission officials could not be immediately reached for further information.