Rhode Island Employees' Retirement System, Providence, approved a commitment of up to $30 million to Raith Real Estate Fund IV as part of the $11.6 billion pension fund’s noncore real estate portfolio, according to a recent monthly investment performance report.
Raith Real Estate Fund IV is a value-added opportunistic, closed-end equity fund targeting deep value investment opportunities and is managed by Raith Capital Partners, according to a March 26 letter from the pension fund’s consultant Meketa Investment Group to the board.
The Rhode Island State Investment Commission approved the commitments at its meeting April 23, according to the monthly investment report.
Rhode Island previously committed $25 million to Raith Real Estate Fund III in 2022; and committed $35 million to Raith Real Estate Fund II in 2018.
As of March 31, the pension fund's actual allocation to noncore real estate was 2.45%, with a 2.5% target.
