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Rhode Island commits $30 million to private equity

The mandate will go to special situations

The Rhode Island State Investment Commission has committed $30 million to the Garrison Opportunity Fund IV, according to meeting documents requested under the Freedom of Information Act. The vehicle focuses on special situations.

Garrison’s Fund IV has been in market since 2012.

Known investors include the Los Angeles Fire & Police Pension System, and the Sacramento County Employee Retirement System.

Garrison was most recently in the news for its plan to float Garrison Capital – its BDC – at just over $14 per share. Robert W. Baird & Co., served as sole book-running manager for the offering. Janney Montgomery Scott LLC was co-manager.

During the same meeting, Rhode Island also approved a $30 million commitment to the Lone Star Real Estate Fund IV.