Rhode Island, a state in the New England region of America, will invest $50 million of its public pension system with Australian fund manager Industry Funds Management (IFM).
The Rhode Island State Investment Commission (SIC) approved the commitment to the IFM Global Infrastructure Fund in its June meeting, according to a three-page document the Commission recently posted on its website.
The SIC is a 10-member body run by General Treasurer Gina Raimondo in charge of the $7.7 billion Employees’ Retirement System of Rhode Island (ERSRI). The System in February embarked on an infrastructure manager search, publishing a request for information (RFI).
ERSRI in 2012 added infrastructure to its ‘real assets’ bucket, setting a target allocation of 3 percent of its total portfolio—amounting to $220 million—to the asset class. Joy Fox, director of communications for the Office of the General Treasurer in Providence, Rhode Island, did not respond to a voicemail message. It could not be determined if or when the System would allocate the remaining $160 million of its target allocation.
Alec Montgomery, IFM head of infrastructure for North America, as well as Brian Clarke, who is executive director, business development with IFM, made a presentation on IFM Global Infrastructure Fund to the board, the SIC noted.
IFM Global Infrastructure Fund, with $7.1 billion in capital, secured a $100 million commitment from the Kentucky Teachers’ Retirement System in May. In March, the fund received a $100 million allocation from the New Mexico State Investment Council.
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