Connecticut Retirement Plans & Trust Funds, Hartford, is considering committing up to $90 million to two funds, made a follow-on commitment to another fund and consolidated two portfolios, said Denise L. Nappier, state treasurer and principal fiduciary of the $34 billion pension fund.
At the investment advisory council meeting Wednesday, Ms. Nappier announced she is considering committing up to $50 million to Balance Point Capital Partners III, a private debt and equity co-investment fund, and committing up to $40 million to RFE Investment Partners IX, a lower-middle-market buyout fund.
Ms. Nappier also announced a follow-on commitment of up to $25 million to Leeds Equity Partners VI, a lower-middle-market buyout fund. The pension fund previously committed $50 million to the fund in late 2016.
In addition, Ms. Nappier said she is consolidating the holdings of two hedge funds-of-funds managers within the $1 billion Connecticut Horizon Fund portfolio. The plan would be to move the assets from Thomas Welles Fund II, managed by Morgan Stanley (MS) Alternative Investment Partners, to the assets in Thomas Welles Fund I, managed by Appomattox Advisory. She said she believes this will create a more efficient portfolio and improve performance. Each Thomas Welles Fund has about $87 million in assets and the time frame for consolidation would be over the next three months.
The Connecticut Horizon Fund provides opportunities for Connecticut-based and emerging investment management firms, as well as investment firms owned by women and minorities.
The pension fund had a 9% allocation to private equity as of Sept. 30.