In 2017 , former Governor Chafee criticized Raimondo for not only her investment strategies as Treasurer, but also her claims about her role in pension reform. “And my final issue [on pension reform] is performance,” said Chafee. “Retirees were promised their COLA would come back when the fund reached a certain solvency — and now the hedge funds [investments] pushed that out further. The investments were terrible with the rapaciously high fees. The retirees have to be livid,” Chafee said.
In one Forbes column, Siedle wrote about Raimondo, “The wreckage related to Raimondo’s failed stint as a small-time venture capitalist is finally out in the open for all Rhode Islanders to see. The Point Judith II fund she pitched to the Employees Retirement System of Rhode Island (in which the pension risked $5 million) has returned a pathetic -1.1 percent over the past almost ten years—after paying her rich fees of 2.5 percent. If making money off your investors defines success, then Raimondo’s a superstar.”