Rhode Island State Investment Commission, Providence, approved two new commitments totaling up to $35 million for the $10.3 billion Rhode Island Employees' Retirement System.
Specifically, the commission approved a private equity commitment of up to $15 million to TCG Crossover Fund II, according to recently released minutes of its May 24 meeting.
TCG Crossover Fund II is a venture capital fund managed by TCG Crossover Management of Palo Alto, Calif.
According to the minutes from the commission meeting, TCG Crossover Fund II is a late-stage life science strategy, operating primarily in the U.S. and Europe, and invests in the "final rounds of private venture financing ahead of an anticipated IPO or sale."
The commission previously committed up to $25 million to TCG Crossover Fund I in April 2021.
At the recent meeting, the commission also approved a non-core real estate commitment of up to $20 million to Berkeley Partners Value Industrial Fund VI.
According to the minutes, Berkeley VI is a sector specialist exclusively investing in small and medium-size light industrial assets in the U.S. This fund is managed by Berkeley Partners of Oakland, Calif.
The commission committed $35 million to Berkeley Partners Value Industrial Fund V in 2020, according to the minutes.
As of May 31, private equity represented about 16.7% of the pension fund's assets (compared with a 12.5% target), while non-core real estate accounted for about 2.2% (2.5% target), according to data provided in the minutes.
