Rhode Island Treasury approves $100m commitment

The US public pension has backed KKR’s open-ended diversified core infrastructure vehicle.

Institution: Rhode Island State Treasury
Headquarters: Providence, US
AUM: $9.71 billion
Allocation to alternatives: 15.9%

Rhode Island State Treasury has agreed to allocate a commitment of up to $100 million to KKR’s open-ended Diversified Core Infrastructure Fund, following its June 2021 investment board meeting.

In March 2021, according to Infrastructure Investor, KKR had secured its first European deal for the core infrastructure vehicle. The fund manager acquired a 40 percent stake in Caruna, which at the time was Finland’s largest electricity distribution company.

The $9.71 billion pension fund has a target allocation of 4 percent towards infrastructure, which currently stands at 3.1 percent.

As illustrated below, the recent fund commitments approved by Rhode Island Treasury have predominantly targeted North American unlisted equity vehicles across multiple sectors.

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