Rhode Island General Treasurer Frank T. Caprio today announced guidelines for investing as much as 2% of the $6.9 billion Rhode Island Employees Retirement System, Providence, in asset classes that will help create or retain jobs in the state.
In a news release, Mr. Caprio stressed that such “economically targeted investments” will be made only if they can deliver returns in line with those of non-targeted investments.
The new policy will allow as much as $135 million to be invested “in a variety of asset classes that produce returns commensurate with other non-targeted investments, while providing auxiliary economic benefits to the state of Rhode Island,” according to the news release.
Tim Gray, a spokesman for Mr. Caprio, wasn't immediately available for further comment.
