Connecticut Retirement Plans & Trust Funds, Hartford, is committing a total of $537.5 million to four alternative investment funds and is considering allocating an additional $650 million to four other funds, said an announcement from the office of Shawn T. Wooden, state treasurer and principal fiduciary of the $37 billion state pension plan.
At the state investment advisory council's meeting Wednesday, Mr. Wooden announced his decision to commit $350 million to the Goldman Sachs Private Credit Partnership, a private credit fund managed by Goldman Sachs Asset Management; and $75 million to Fairview Constitution Fund V – Series E, a venture capital fund managed by Fairview Capital Partners that invests in early stage, high-potential companies in Connecticut.
The state treasurer also announced a commitment of $75 million to OSP Value Fund III, a private credit fund managed by O'Brien-Staley Partners; and $37.5 million to its sidecar fund, OSP Value Fund III-B.
Mr. Wooden also announced that he is considering committing a total of $300 million to two funds managed by Fortress Investment Group: Fortress Credit Opportunities Fund V Expansion, an opportunistic credit fund; and Lending Fund II, a direct lending fund.
A commitment of $250 million to TSSP Adjacent Opportunities Partners (C), a special situations fund managed by TPG Sixth Street Partners; and $100 million to Torchlight Debt Opportunity Fund VII, a real estate debt fund managed by Torchlight Investors, are also being considered.
Mr. Wooden also announced the launch of the state's expanded and enhanced emerging and diverse managers program. The new program, the Connecticut Inclusive Investment Initiative, or "C3," plans to double its target allocation to diverse managers across all asset classes.
"Public pension plan emerging manager programs have fallen short of providing access to capital in a consistent and meaningful way," said Mr. Wooden in a release announcing the initiative. "We have taken what we have learned from the past 15 years and the best practices from throughout the country to improve upon the success of the current Horizon Fund program."
As previously reported, 14.6% of assets in the state's $1.3 billion Horizon Fund were managed by minority-owned firms as of March 31. Mr. Wooden had also previously announced that the CRPTF plans to up its target allocation to 5% to 8% of the overall fund from its current allocation of 2% to 5%.