It has been recommended for the Rhode Island State Investment Commission to approve a $30 million commitment to Deerpath Capital Advantage Fund VI.
Meeting materials from the August 3 Employees’ Retirement System of Rhode Island (ERSRI) meeting disclose the $30 million recommendation from the Retirement System’s consultant, Cliffwater.
Deerpath Capital Advantage Fund VI is a direct lending fund that will “provide senior secured loans to sponsor-backed lower middle market companies with $5 million to $20 million of EBITDA and $50 million to $100 million of enterprise value”, according to the formal recommendation from Cliffwater.
As of June 30, 2022, ERSRI has an actual and target allocation to private credit of 2.9% and 3% respectively.
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