Connecticut Retirement Plans & Trust Funds, Hartford, plans to issue an RFP seeking master custodial services for the $37 billion pension system.
The state's investment advisory council also interviewed finalists for its private capital consulting services search and considered four investment opportunities and one follow-on commitment opportunity totaling $450 million.
Shawn T. Wooden, state Treasurer and principal fiduciary of the CRPTF, said in a news release that the master custodian search is being conducted because the contract hasn't been put out to bid since 2012. BNY Mellon is the current custodian and is invited to rebid.
The RFP will be available on the state Treasure's website and the state's procurement portal on Nov. 27. Proposals are due on Dec. 28, and a decision is expected to be made in February 2021.
At the state's investment advisory council meeting Wednesday, Mr. Wooden reviewed Aksia, Hamilton Lane and the StepStone Group as finalists for the private capital consulting services search. A decision is expected over the next month.
In addition, the council was presented with the following investment opportunities: a $150 million commitment to ISQ Global Infrastructure Fund III, an infrastructure fund managed by I Squared Capital; $100 million each to IPI Partners II, an infrastructure fund investing in data centers, and Clearlake Capital Group's Clearlake Flagship Plus Partners, a special situations fund; and $50 million to TruAmerica Workforce Housing Fund, a real estate fund managed by TruAmerica Multifamily.
A follow-on commitment of $50 million to Secondary Overflow Fund IV, managed by HarbourVest Partners, was also considered. The council committed $50 million to the fund in January.