Pension fund also considers $150 million more for real estate, private equity
Connecticut Retirement Plans & Trust Funds, Hartford, committed up to $175 million to venture capital and real estate funds and is considering allocating a total of up to $150 million to a real estate fund and a private equity separate account, 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 a commitment of up to $100 million to Constitution Fund V, a venture capital fund managed by Fairview Capital Partners that will invest in early stage, high-potential companies in Connecticut. The commitment would be broken down into two tranches: up to $75 million for investments in underlying venture capital and growth-stage companies, and up to $25 million for co-investments in late- and growth-stage companies in Connecticut.
Ms. Nappier also announced a commitment of up to $75 million to Gerding Edlen Green Cities IV, a real estate fund managed by Gerding Edlen Development that focuses on value-added and opportunistic investments in apartment and office properties in the U.S.
The commitments are contingent upon successful negotiation of the partnership documents.
In addition, Ms. Nappier announced that she is considering committing up to $100 million to Artemis Real Estate Partners Income and Growth Fund, a real estate fund managed by Artemis Real Estate Partners.
She is also considering allocating up to $50 million to Connecticut Private Equity Horizons Fund, a separate account managed by Muller and Monroe Asset Management that would focus on small- and middle-market growth equity and buyout funds managed by women or minority owned, emerging or Connecticut-based investment firms. The investment would be part of the state's $3 billion private investment fund within the Connecticut Horizon Fund initiative.
The state's private investment fund portfolio consists of a number of externally managed funds invested across venture capital and corporate finance private equity strategies. The Connecticut Horizon Fund provides opportunities for Connecticut-based and emerging investment management firms as well as investment firms owned by women and minorities.