Four Groups Press Raimondo for More Disclosure on Hedge Funds

Aug 8, 2013

Four groups -- Common Cause of Rhode Island, the Rhode Island Press Association, and the state chapters of the ACLU and the League of Women Voters -- say state Treasurer Gina Raimondo needs to offer more disclosure about the state pension fund's investment in hedge funds.

According to a news release distributed by the ACLU, the groups say they sent a letter to Raimondo, "saying they were 'troubled' by her office’s response to the Journal’s public records request for the 'due diligence' reports prepared by the state’s hedge fund advisor Cliffwater, and for certain other hedge fund documents." The ProJo's Mike Stanton offered a detailed account last Sunday of the state pension fund's growing stake in hedge funds.

The four groups say they're concerned that decisions on redaction on details sought by the ProJo "were made by the hedge funds, not by Raimondo." They also object "that her office relied on contractual obligations with the hedge funds in withholding records, rather than determining that the documents were confidential under the Access to Public Records Act itself."

"The letter takes issue with the Treasurer’s office for refusing to release the reports in unredacted form even though they were distributed at public meetings of the Rhode Island State Investment Commission, which Raimondo chairs."

Raimondo spokeswoman Joy Fox responded with this statement:

"Treasury appreciates the concerns raised. Increasing disclosure is a priority, and we will continue to push for more. The office plans to reply to the groups."

Questions of disclosure previously emerged in connection with EngageRI, the pro-pension overhaul group founded with encouragement from Raimondo.