Rhode Island State Investment Commission, Providence, approved commitments totaling up to $55 million for the $10.3 billion Rhode Island Employees' Retirement System.
The commission approved commitments of up to $35 million to Parthenon Investors VII and up to $5 million in its co-investment opportunities; and up to $7 million to GGV Discovery IV-US, $6.4 million to GGV Capital IX, and up to $1.6 million to GGV Capital IX Plus, all venture capital funds managed by GGV Capital, at its Feb. 22 meeting, recently released meeting minutes show.
All are new managers for the retirement system.
As of Feb. 28, the pension fund's actual allocation to private growth was 19%; the target is 15%.
Investment consultant NEPC assisted.
Commission officials could not be immediately reached for further information.