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Rhode Island approves $45m in commitments

Rhode Island State Treasury has backed Paine Schwartz's sixth flagship agribusiness fund.

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  • Name: Rhode Island State Treasury
  • HQ: Providence, United States
  • AUM: $10.6bn
  • Allocation to alternatives: 25.9%

Rhode Island State Treasury committed $30 million to Paine Schwartz Food Chain Fund VI, according to their 22 June investment meeting. They also committed $15 million to a co-investment vehicle alongside the fund.

Rhode Island State Treasury administers and manages investments on behalf of the Employees’ Retirement System of Rhode Island (ERSRI).

Founded in 2006, Paine Schwartz Partners is a California-headquartered private equity firm that specialises in controlled investment in food and agribusiness sectors, globally.

Rhode Island State Treasury has a 14 percent allocation to private equity, which comprises $1.5bn in capital. Rhode Island State Treasury currently has a target allocation of 12 percent.

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