Connecticut Retirement Plans & Trust Funds, Hartford, hired Cliffwater as consultant for its alternative investment fund, confirmed Denise Nappier, the state treasurer and principal fiduciary of the $26.1 billion pension system.
Cliffwater will replace incumbent alternative investment fund consultant NEPC, whose contract expires May 31.
“This decision was based on the lengthy, extensive due diligence process and on feedback from the Investment Advisory Council,” Ms. Nappier wrote in an e-mail Thursday.
Cliffwater was selected because it “specializes exclusively in alternative investments,” Ms. Nappier wrote. “In addition to alternative investments, the current consultant, NEPC, services other investment spaces.”
The hiring and length of contract is subject to completion of contract negotiations.
Ms. Nappier added that “NEPC has made significant contributions to the Connecticut Retirement Plans & Trust Funds by assisting in the structuring of the Alternative Investment Fund, and in hedge fund and opportunistic consulting activities over the past five years.”
Cliffwater, NEPC and Hewitt EnnisKnupp were the finalists. Each firm made a presentation in March to the investment council. Ms. Nappier announced her choice at the council's meeting on Wednesday.