Rhode Island State Investment Commission, Providence, approved two new commitments totaling up to $100 million for the $10.3 billion Rhode Island Employees' Retirement System, said Benjamin Smith, spokesman for state Treasurer Seth Magaziner, who oversees the commission.
The commission at its July 28 meeting approved commitments of up to $50 million each to HPS Specialty Loan Fund V-L, a private credit fund managed by HPS Investment Partners, and Riverside Micro-Cap Fund VI, a buyout fund managed by The Riverside Co.
It is the commission's first commitment to an HPS fund, and it committed $40 million to Riverside Micro-Cap Fund V in 2018.
As of July 31, the actual allocations to private equity and private credit were 10.9% and 2%, respectively.
