Firm co-founded by Raimondo holding onto pension investment
PROVIDENCE, R.I. (AP) — A private equity firm co-founded by Gov. Gina Raimondo before entering politics is holding on to an underperforming Rhode Island pension system investment.
The Providence Journal reports Point Judith Capital will hold the investment at least one year longer than anticipated.
The firm notified the state treasury it intends to exercise the first of two, one-year options on the state’s $5-million investment.
The Point Judith investment was a major campaign issue when Raimondo ran for governor in 2014 after serving one term as state treasurer.
When Raimondo became treasurer, she stepped down from Point Judith and placed her interest in the firm in a blind trust.
Those holdings produced $88,000 in income for the Democrat last year, according to her tax returns.