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Employees' Retirement System of Rhode Island
The Employees' Retirement System of Rhode Island has served the state's teachers, municipal workers, police, and firefighters since 1936. Today the system...
Employees' Retirement System of Rhode Island
The Employees' Retirement System of Rhode Island has served the state's teachers, municipal workers, police, and firefighters since 1936. Today the system covers eight employee groups and operates under the oversight of General Treasurer James Diossa, who chairs the State Investment Commission. Executive Director Andrew Roos handles day-to-day administration, freeing CIO Justin Maistrow to run a $11.6 billion portfolio from Warwick. Maistrow's team allocates across a broad mandate. In real assets, ERSRI holds positions in the AEW Core Property Trust, Heitman America Real Estate Trust, and the Morgan Stanley Prime Property Fund, with additional exposure through Crow Holdings retail and Exeter Industrial vehicles. On the infrastructure side, confirmed commitments include the ISQ Global Infrastructure Fund III, Stonepeak Opportunities Fund, and the KKR Diversified Core Infrastructure Fund. The fund-of-funds program touches venture (early stage through late stage), buyout, and distressed debt, while a direct co-investment sleeve executes alongside GPs. Agriculture and timber appear via Homestead Capital's USA Farmland Fund III, a niche bet uncommon among state plans. The system operates with a lean governance structure: the full Retirement Board includes Frank Karpinski, a former executive director, and Sylvia Maxfield, dean of the Providence College School of Business. ERSRI also participates in Climate Action 100+ and the ESG Data Convergence Initiative, signaling a formal posture on sustainability data. May 2024 saw no single operational shakeup, but the system's membership in For the Long Term — a network of public treasurers — underscores a deliberate peer-exchange model for best practices. What separates ERSRI from a typical state pension is the scale of its direct investing program relative to its size. Few $11 billion public plans run both a dedicated co-investment book and a direct venture arm that reaches down into early-stage companies. That dual capability positions ERSRI more like a miniature Canadian model than a conventional US state fund, even if its governance remains firmly anchored in Rhode Island's political framework.
General information
Firm type
Pension Fund
Year founded
1936
AUM
$10B - $15B (Altss estimate)
Location
Region
North America
Country
United States
City
Warwick
Corporate office
Warwick, RI, United States
Principals
James A. Diossa
General Treasurer and Chair of the State Investment Commission
Justin Maistrow
Chief Investment Officer
Andrew Roos
Executive Director
Frank J. Karpinski
Board Member and Former Executive Director
Sylvia Maxfield
Board Member and Dean of Providence College School of Business
Sector focus
Frequently asked questions
Who runs investment decisions at ERSRI?
Chief Investment Officer Justin Maistrow leads the investment team under the direction of the State Investment Commission, chaired by General Treasurer James Diossa. Executive Director Andrew Roos handles administrative oversight, while the Retirement Board — which includes former Executive Director Frank Karpinski and Dean Sylvia Maxfield — provides governance. The CIO has discretion within the mandate approved by the Commission.
How does ERSRI structure its private markets program?
The system allocates through fund commitments, direct co-investments alongside GPs, and a direct venture program. Fund commitments span real estate (AEW, Heitman, Morgan Stanley), infrastructure (ISQ, Stonepeak, KKR), and a range of private equity strategies from venture to distressed debt. The co-investment and direct venture arms allow ERSRI to write checks directly into companies, bypassing some fee layers.
Does ERSRI participate in fund commitments or only direct deals?
Most deployment flows through fund commitments across real assets, private equity, and credit. But ERSRI also maintains an active co-investment program alongside its GPs and a direct venture sleeve — both relatively unusual for a public plan this size.
What is ERSRI's posture on ESG and climate?
ERSRI is a participant in Climate Action 100+, the investor initiative targeting corporate greenhouse gas emitters, and a member of the ESG Data Convergence Initiative, which standardizes LP-level private-market ESG reporting. The system also belongs to For the Long Term, a peer network for public treasurers focused on sustainable governance practices.
Which real assets does ERSRI hold directly?
The system holds positions in major core real estate funds including AEW Core Property Trust, Heitman America Real Estate Trust, and Morgan Stanley Prime Property Fund. It also invests in niche strategies such as the Exeter Industrial Value Fund III and the Homestead Capital USA Farmland Fund III, which targets agricultural land.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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