Rhode Island tweaks, consolidates asset classes
The Providence skyline and Rhode Island Capitol
The $9.6 billion Rhode Island Employees' Retirement System, Providence, plans to consolidate private equity and opportunistic private credit investments, according to a memo from a March 24 meeting of the Rhode Island State Investment Commission.
The memo on staff recommendations for strategic asset allocation said that making the change would allow for deploying capital "periodically as market conditions or manager availability permit, rather than through a consistent annual pacing plan." The current targets for private equity and opportunistic private credit are 11.25% and 1.5%, falling under the category of private growth. The new combined target is 12.5%.