The proposed bill amends Chapter 35-10 of the General Laws, introducing a new section titled "Capital access initiative." This initiative mandates the State Investment Commission to adopt a policy by January 1, 2026, aimed at engaging traditionally disadvantaged investment managers with underrepresented backgrounds. The policy will include quantifiable goals for increasing the participation of diverse investment managers in managing state pension fund assets, ensuring that at least 10% of these managers qualify through the initiative. The commission is also tasked with evaluating existing investment policies to identify and remove barriers that may hinder the participation of underrepresented managers.

Additionally, the bill requires the General Treasurer to prepare an annual report starting in fiscal year 2027, detailing progress towards the initiative's goals and submitting it to the commission for approval. Upon approval, the report will be shared with key legislative leaders. The bill defines "underrepresented investment managers" as those that are at least 51% owned or controlled by minorities or women, aligning with the definitions provided in existing law. This act is set to take effect upon passage, aiming to enhance investment opportunities for the state's pension fund while promoting diversity in investment management.