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Rhode Island commits $30m to real assets

by Reg Clodfelter

The $7.5 billion Employees Retirement System of Rhode Island has committed $30 million to real assets, divided between two funds, according to a spokesperson for the retirement system.

ERSRI awarded $20 million to Gem Realty VI, pending successful negotiation with Gem Realty. The opportunistic fund, which launched in April of this year, has already received commitments from the Texas County & District Retirement System and the Houston Municipal Retirement System.

The other $10 million was committed to the Infrastructure Overage Fund, pending successful negotiation with Stonepeak Infrastructure Partners, the fund’s manager. Stonepeak is a private equity firm that invests in the energy, transportation, utilities, water and communications sectors.

As of May 31, 2016, ERSRI’s allocation to real estate is 6.6 percent and its allocation to infrastructure is 3.2 percent. Both allocations are below their targets of 8 percent and 5 percent, respectively.


 

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