Elizabeth A. Caldas is a senior institutional investment professional with over 19 years of experience managing large-scale private markets portfolios for top-tier public pension plans. As Deputy Chief Investment Officer for the Office of the Rhode Island General Treasurer, she co-manages the State’s $13.5 billion Defined Benefit Pension Plan, directing asset allocation, strategy implementation, and investment execution.

Throughout her career, Ms. Caldas has deployed billions in capital across the private markets. Her leadership background includes serving as Senior Investment Officer for the New York State Office of the Comptroller, serving nine years as Investment Officer for the United Nations Joint Staff Pension Fund, and seven years as Director of Private Equity for the New York City Office of the Comptroller.

She holds a BS in Economics from Northeastern University, a CIO Program Certificate from Columbia Business School Executive Education, and specialized microcredentials from CAIA and the PRI Academy.

Established in 1936, the Employees’ Retirement System of Rhode Island (ERSRI) administers retirement, disability, and survivor benefits for approximately 60,000 active and retired public sector workers, including state employees, teachers, state police, judges, and municipal personnel.

ERSRI manages approximately $13.5 billion in pooled trust assets. Under the direction of the State Investment Commission (SIC), chaired by the General Treasurer, the portfolio is managed through a functional, bucket-based asset-liability framework, diversified across three thematic allocations:

-Growth: Comprising global equities, private equity, & non-core real estate to drive long-term capital appreciation.

-Income: Focused on private credit, liquid credit, & collateralized loan obligations to yield reliable cash flow.

-Stability: Structured for downside mitigation and capital preservation, this allocation encompasses Inflation Protection (real assets & core real estate), Volatility Protection (investment-grade fixed income, absolute return strategies, & strategic cash), and Crisis Protection (systematic trend-following & long-duration Treasuries).