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Rhode Island pension fund to invest in REITs, Raith Capital property fund

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Rhode Island pension fund to invest in REITs, Raith Capital property fund

The Employees' Retirement System of Rhode Island will invest $35 million in a real estate fund of private investment firm Raith Capital Partners LLC, IPE Real Assets reported, citing a board meeting document.

Raith Real Estate Fund II, which has a fundraising target of $400 million, will target opportunistic assets in the U.S. property markets.

The pension fund is also working with consultants NEPC to appoint a company to manage a real estate investment trust portfolio and could hire more managers later in 2019.

REITs will represent 12.5% of the pension fund's income-class portfolio, the news outlet added.