Rhode Island State Investment Commission, Providence, approved two new alternative fund commitments totaling up to about $57 million for the $10.3 billion Rhode Island Employees' Retirement System.
The commission at its April 26 board meeting, approved a commitment of up to €30 million ($32 million) to buyout fund CVC Capital Partners IX, which is primarily a European fund with about 25% exposure outside of Europe, mostly in North America.
During a presentation to the board, Saul Ioffe, portfolio manager-private assets for the state of Rhode Island, said the commitment falls within the pension fund's private equity portfolio as a "large, diversified fund, targeting buyout opportunities globally across all sectors."
Mr. Ioffe added that the pension funds has been investing with CVC since 1998.
The pension fund committed up to $25 million to CVC Capital Partners V in 2013.
The commission also approved a commitment of up to $25 million to Stonepeak Opportunities Fund, a buyout fund managed by Stonepeak Infrastructure Partners.
At a presentation before the commission, Kevin Li, senior investment analyst for the state, said the fund will invest in middle-market infrastructure companies in North America and Europe "targeting businesses with stable and visible revenue streams, and inflation-adjusted cash flows."
The fund specifically targets digital infrastructure, energy transition, transportation and logistics and social infrastructure, according to minutes of the board meeting.
The commission previously committed $50 million to Stonepeak Infrastructure Fund II in 2015.
As of April 30, the pension fund had about 16.4% of its assets allocated to private equity, according to the fund's monthly performance report.
