Connecticut Treasurer Denise L. Nappier is searching for an alternatives officer in advance of the $21 billion Connecticut Retirement Plans & Trust Funds first move into alternative investments.
Ms.. Nappier, the funds sole trustee, won approval from the funds investment advisory council on Feb. 11 for changes to the state funds investment policy statement that would permit investment of up to 8% of plan assets into hedge funds, private equity, infrastructure and other non-traditional investment opportunities.
In an interview, Ms. Nappier said the fund has begun to advertise to find a talented alternative investment professional who will help develop the funds move into new asset classes. Details about the search were not immediately available.
Ms. Nappier said she and her staff still are in the exploratory stages and that investment process development is necessary and must be vetted by the IAC prior to any manager searches for hedge funds and other alternatives managers. She said she hopes to present that process to the IAC this spring and to begin manager searches and hires later in the year.