Connecticut places up to $140 million in alternatives funds
By Robert Steyer | November 14, 2012 1:35 pm
(updated with correction)
Connecticut Retirement Plans & Trust Funds, Hartford, made up to $140 million in investments and commitments, Denise Nappier, state treasurer, said Wednesday at a meeting of the state's Investment Advisory Council.
A first-time investment of $50 million was made to TPG Credit Strategies Fund II, a private equity fund that focuses on acquiring distressed assets primarily in the aviation and European non-performing loan markets. The general partner is TPG Credit Management.
The CRPTF also made a first-time investment of $40 million in Clearlake Capital Partners III, a private equity fund focused on investing in small- and middle-market companies experiencing restructuring and bankruptcy. The general partner is Clearlake Capital Group.
A commitment of up to $50 million was made to Starwood Distressed Opportunity Fund IX, pending completion of contract negotiations. The real estate fund managed by Starwood Capital Group Global invests primarily in North America. CRPTF previously invested $100 million in two other Starwood funds.
Separately, CRPTF returned 4.5% net of fees and expenses for the quarter ended Sept. 30, its fiscal first quarter.
Best-performing asset classes were emerging markets equity, 7.8%; emerging markets debt, 6.6%; and developed markets equity, 6.3%.
Mr. Nappier is the principal fiduciary of the $24.8 billion CRPTF, which comprises six state pension funds and eight state trust funds.