Connecticut Retirement Plans & Trust Funds, Hartford, launched a search for core fixed-income manager or managers to run $5.5 billion on behalf of the $43 billion state pension fund.
It also committed a total of about $453 million to three alternatives funds.
The core fixed-income manager search is being conducted because an RFP for this asset class has not been issued since 1997, said Michelle Woods-Matthews, spokeswoman for Shawn T. Wooden, state treasurer and fiduciary of the state pension system. More than one manager may be selected.
Wellington Management, Conning, BlackRock, Pugh Capital Management and Longfellow Investment Management are CRPTF’s current core fixed-income managers and are invited to rebid.
The RFP is available on the state treasurer office's website. Proposals are due 5 p.m. EDT Aug. 27. A selection is expected to be made in October, with a goal of signing a five-year contract with a manager or managers in December.
In addition, Mr. Wooden announced at the state's investment advisory council meeting Wednesday his decision to commit €150 million ($178 million) to ICG Europe Fund VIII, a middle-market debt fund managed by Intermediate Capital Group; $150 million to Strategic Value Special Situations Fund V, a special situations fund managed by Strategic Value Partners; and $125 million to Basis Investment Group Real Estate Fund II.
Mr. Wooden told the council that he is also considering committing a total of $275 million to two funds and making a follow-on commitment to another fund within the pension fund's portfolio.
The possible commitments include a $200 million commitment to Centerbridge Partners Real Estate Fund II; and $75 million to Aldrich Capital Partners Fund II, a growth equity fund.
Finally, Mr. Wooden said he is considering making a follow-on commitment of $50 million to Leeds Equity Partners VII, a private equity fund investing in education, training, information services and software companies. Mr. Wooden originally committed $75 million to the fund in June 2020.
