Connecticut Treasurer Denise L. Nappier, principal fiduciary for the $29.6 billion Connecticut Retirement Plans & Trust Funds, Hartford, announced a state-focused investment program with a commitment to invest up to $145 million.
The new initiative, housed in the private investment fund of the pension plan, earmarks funds for investment in Connecticut companies.
Ms. Nappier presented to the investment advisory council meeting May 13 three funds to launch the initiative.
The first fund was Connecticut Growth Capital, a private debt fund managed by Balance Point Capital Partners that would provide loans to middle-market companies in Connecticut. Ms. Nappier is considering committing up to $75 million to the fund.
Ms. Nappier has also proposed a commitment of up to $50 million to Nutmeg Opportunities Fund II, a private equity fund managed by J.P. Morgan Asset Management's private equity group that would target opportunistic private equity investments in Connecticut companies.
Finally, Ms. Nappier has proposed a commitment of up to $20 million to Constitution Fund V, a venture capital fund managed by Fairview Capital Partners that would invest in early stage, high-potential companies in Connecticut.
The private investment fund, which consists of a number of externally managed funds invested across venture capital and corporate finance private equity strategies, had $2.6 billion as of Sept. 30.