Rhode Island Targets $505M Pacing for 2025, Approves $82M Credit, RE Allocations

The Rhode Island State Pension is potentially targeting approximately $505M in total commitments for 2025 following a review of its pacing plans and also approved $82M in allocations to an Antares private credit fund and CBRE real estate vehicle, per the pension’s resource materials for a January board meeting. 

Dakota previously reported that the New England-based pension was mulling a commitment of $55M to middle-market direct lending strategy Antares Senior Loan Fund III and $27M to core-plus real estate vehicle CBRE US Logistic Partners. Both investments have since been approved in December of last year, with CBRE representing the pension’s sole commitment to a core/core-plus fund in 2024. 

Additionally, Rhode Island is eyeing $230M in target allocation for its 2025 pacing plan in private equity, to be spread across five to 10 funds at $1M to $2M in individual investments. For private credit and real assets, the pension will target commitments of $2M to $5M in individual investments across two to four funds for each asset class, representing allocation sizes of $65M and $75M, respectively. Lastly, the pension targets a total of $135M in new commitments to real estate, made up of $45M to core strategies and $90M to non-core. 

Private equity consultant Cliffwater and real estate consultant Meketa assisted Rhode Island in the pacing plan reviews. 

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Written By: Dakota

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