Key Takeaways
- • The Rhode Island State Investment Commission is exploring a $100 million to $200 million emerging manager program spanning private equity, private credit, real estate and real assets, according to a request for information issued Oct. 19.
- • The program would be funded over three to five years on behalf of the $13.5 billion Rhode Island Employees' Retirement System, though its final size and structure have not been determined.
- • The initiative aims to broaden access to emerging and diverse managers and create a pathway for successful managers to graduate into the pension's core portfolio.
- • The commission is seeking firms with at least five years of manager-of-managers, fund-of-funds, discretionary advisory, or multimanager SMA experience to source, underwrite and oversee the emerging managers.
- • Responses to the RFI are due by 4 p.m. EST on Jan. 18, 2027, and the commission has not committed to launching the program, issuing an RFP or awarding a mandate.
Summary
The Rhode Island State Investment Commission in Providence is exploring the creation of an emerging manager program with a target size of $100 million to $200 million, according to a request for information (RFI) issued Oct. 19. The commission is acting on behalf of the $13.5 billion Rhode Island Employees' Retirement System. The proposed program would span private equity, private credit, real estate and real assets, and would be funded over three to five years. Its ultimate size and structure have not yet been determined.
The program is designed to broaden access to emerging and diverse investment managers and to provide differentiated sources of investment returns. It would also establish a pathway for successful emerging managers to graduate into the pension fund's core investment portfolio, according to the RFI. The commission is seeking information from firms capable of overseeing the program through a separately managed account or discretionary advisory mandate. The commission anticipates selecting one or more firms to source, underwrite, select and oversee the underlying emerging managers. Selected firms would hold discretionary authority over investment selection, portfolio construction and risk management, operating within guidelines set by the commission and the state treasurer's investment office.
Respondents must have at least five years of experience operating manager-of-managers, fund-of-funds, discretionary advisory, or multimanager separately managed account structures, along with demonstrated expertise investing with emerging managers. The RFI is the first stage of a potential multistep process, and only firms submitting complete responses and deemed qualified will be eligible for diligence interviews. The commission has not committed to launching the program, issuing a formal RFP or awarding an investment mandate. The RFI is available on the state treasurer's website, with responses due by 4 p.m. EST on Jan. 18, 2027. A timetable for further selection activity has not been disclosed.
The program is designed to broaden access to emerging and diverse investment managers and to provide differentiated sources of investment returns. It would also establish a pathway for successful emerging managers to graduate into the pension fund's core investment portfolio, according to the RFI. The commission is seeking information from firms capable of overseeing the program through a separately managed account or discretionary advisory mandate. The commission anticipates selecting one or more firms to source, underwrite, select and oversee the underlying emerging managers. Selected firms would hold discretionary authority over investment selection, portfolio construction and risk management, operating within guidelines set by the commission and the state treasurer's investment office.
Respondents must have at least five years of experience operating manager-of-managers, fund-of-funds, discretionary advisory, or multimanager separately managed account structures, along with demonstrated expertise investing with emerging managers. The RFI is the first stage of a potential multistep process, and only firms submitting complete responses and deemed qualified will be eligible for diligence interviews. The commission has not committed to launching the program, issuing a formal RFP or awarding an investment mandate. The RFI is available on the state treasurer's website, with responses due by 4 p.m. EST on Jan. 18, 2027. A timetable for further selection activity has not been disclosed.
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