Rhode Island pension fund takes hit after Silicon Valley Bank collapse

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A sign of a branch of the Silicon Valley Bank is pictured at an office building where the bank is located in Frankfurt, Germany, Sunday, March 12, 2023.

PROVIDENCE, R.I. (WLNE) — The Rhode Island General Treasurer’s Office said the state’s pension fund took a roughly $2.5 million hit following the collapse of Silicon Valley Bank.

According to data provided by the treasurer’s office, investments tied to Silicon Valley Bank and three other banks in financial distress that had a value of nearly $2.7 million as of Feb. 28 now only hold a value of $185,535.

“We’re assuming that there is little value to the assets with the exception of First Republic which is still trading,” said a spokesperson for General Treasurer James Diossa.

However, the above investments account for well-under one percent of the state’s total pension fund.

Rhode Island’s pension fund has a value of more than $10.3 billion.

“The total exposure at the end of February represented less than 3 basis points of the total DB plan,” said the spokesperson.

Categories: News, Rhode Island

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