AN ACT RELATING TO PUBLIC FINANCE -- STATE INVESTMENT COMMISSION (Requires the state investment commission to create a capital access initiative to expand potential investment opportunities for the state’s pension fund and engage qualified but traditionally underrepresented investment managers.)

H7252

2026 -- H 7252
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LC004064
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STATE OF RHODE ISLAND
IN GENERAL ASSEMBLY
JANUARY SESSION, A.D. 2026
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A N A C T
RELATING TO PUBLIC FINANCE -- STATE INVESTMENT COMMISSION

Introduced By:
Representatives McGaw, Cortvriend, Diaz, Kislak, Tanzi, Stewart,
Alzate, Boylan, Potter, and Handy

Date Introduced:
January 21, 2026

Referred To:
House Finance
(General Treasurer)
It is enacted by the General Assembly as follows:
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SECTION 1. Chapter 35-10 of the General Laws entitled "State Investment Commission"
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is hereby amended by adding thereto the following section:
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35-10-16. Capital access initiative.

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(a) On or before January 1, 2027, the commission shall adopt a policy to create and
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implement a capital access initiative intended to engage traditionally disadvantaged investment
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managers with underrepresented backgrounds to the greatest extent feasible, consistent with sound
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investment policy and fiduciary prudence. This policy shall include quantifiable goals for the
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ongoing development and expansion of the capital access initiative, particularly as it relates to
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increasing the participation of a broader range of investment managers in the stewardship of state
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pension fund assets.
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(b) Through the capital access initiative, the commission and the office of the general
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treasurer shall take affirmative steps to remove any barriers to the equal participation of
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underrepresented investment managers so long as such participation is consistent with sound
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investment policy and fiduciary prudence. Such affirmative steps shall include, but not be limited
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to, evaluating whether current investment policies impose quantitative or qualitative restrictions
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such as requirements for a minimum track record length or assets under management, or whether
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they overlook unique investment strategies and perspectives that could enhance pension fund
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performance.
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(c) It shall be the goal of the commission that not less than ten percent (10%) of investment

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managers managing the state pension fund shall be qualified through the capital access initiative.
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(d) Beginning in fiscal year 2028, the general treasurer shall prepare a report detailing its
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progress toward achieving the policies and goals outlined in this section to the commission for its
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approval within six (6) months of the end of the fiscal year. Upon approval by the commission, the
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general treasurer shall transmit the report to the speaker of the house of representatives, the
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president of the senate and the chairpersons of the house and senate finance committees. Such
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report shall include documentation related to all participants in the capital access initiative.
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(e) Participation in the capital access initiative shall be limited to underrepresented
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investment managers. For purposes of this section, an “underrepresented investment manager”
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shall include, but is not limited to, a qualified investment adviser that is:
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(1) At least fifty-one percent (51%) owned by one or more minorities or women or, in the
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case of a publicly owned business, at least fifty-one percent (51%) of the stock which is owned by
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one or more minorities or women; and/or
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(2) Whose management and daily business operations are controlled by one or more such
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individuals.
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(f) For the purposes of this section, the term “minority” shall have the same meaning as in
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§ 37-14.1-3.
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SECTION 2. This act shall take effect upon passage.
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LC004064
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EXPLANATION
BY THE LEGISLATIVE COUNCIL
OF
A N A C T
RELATING TO PUBLIC FINANCE -- STATE INVESTMENT COMMISSION
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This act would require the state investment commission to create a capital access initiative
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to expand potential investment opportunities for the state’s pension fund and engage qualified but
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traditionally underrepresented investment managers.
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This act would take effect upon passage.
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LC004064
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