Connecticut Retirement Plans & Trust Funds, Hartford, committed up to $50 million to Cypress Acquisition Partners Retail Fund, said Denise Nappier, state treasurer and principal fiduciary for the $27.1 billion state pension system.
The commitment was approved at a meeting Wednesday of the investment advisory council. The value-added retail real estate fund is managed by Cypress Equities's real estate investment management group.
The commitment is contingent upon successful negotiations of the contract terms and fund documents.
Also at the IAC meeting, the state treasurer's office presented three semifinalists for the pension system's currency overlay allocation. The semifinalists are First Quadrant, Mesirow Financial and current currency overlay manager Pareto Investment Management.
Ms. Nappier's office also presented a real estate fund opportunity in Lion Industrial Trust, a $4.8 billion open-end industrial real estate fund managed by Clarion Partners. Ms. Nappier is considering investing up to $100 million in the fund, which pursues a strategy of acquiring, renovating, repositioning and/or redeveloping industrial properties across the U.S.
The treasurer's office said in an e-mailed statement that there is “no set timetable for a decision either for the currency overlay mandate or the Clarion Lion Industrial Trust fund.”