Rhode Island commits $30m to real estate
The $8.3 billion Employees’ Retirement System of Rhode Island has committed $30 million to IC Berkeley Partners IV, according to recent meeting documents.
The fund series, managed by Industry Capital, targets multi-tenant industrial real estate assets and seeks to stabilize undermanaged and underperforming properties, according to the firm’s website. The fund’s predecessor, IC Berkeley Partners III held a final close of $125 million in 2014. ERSRI committed $18 million to fund III.
The pension fund has an 8 percent target allocation to real estate. Its actual allocation to the asset class is 5 percent.