Connecticut Retirement Plans & Trust Funds, Hartford, disclosed seven pension fund commitments totaling $910 million spread across multiple asset portfolios.
Erick Russell, state treasurer and principal fiduciary of the $49.3 billion state pension system, announced the commitments on Wednesday at a special meeting of Connecticut's Investment Advisory Council, said a news release.
These investments included $100 million to Penwood Select Industrial Partners VII, a real estate value-added fund managed by Penwood Real Estate Investment Management, in the state's real estate portfolio.
In the state's private investment portfolio, Mr. Russell unveiled three commitments, comprising $300 million to CT-Top Tier Venture Fund of Funds; $150 million to Altaris Health Partners VI; and $50 million in co-investments to Altaris' sidecar fund. Altaris Health Partners VI is a buyout fund managed by Altaris Capital Partners.
The CT-Top Tier Venture FOF is the working title of a new, customized fund of one vehicle that will be managed by Top Tier Capital Partners, a spokeswoman for the Office of the State Treasurer said by email.
"Top Tier will focus primarily on making commitments to underlying venture capital funds managed by top-performing, established venture capital managers, with capital also available for commitments to funds led by emerging managers consistent with the Connecticut Inclusive Investment Initiative as well as secondary and co-investments," she added.
The state's private credit portfolio saw commitments of $155 million to OSP Value Fund IV, a debt fund managed by O'Brien-Staley Partners; and $55 million to OSP Value Fund IV-B.
In the state's fixed income portfolio, Mr. Russell announced the commitment of $100 million to the Shenkman CBO Opportunity Fund I.
The Shenkman fund is being raised by Shenkman Capital, a high-yield bond manager, the spokeswoman said. "The fund will invest in the equity of collateralized bond obligations and will target mid to high-teen net returns," she noted. "The fund will look to benefit from periods of volatility in the market to rotate out of short duration high yield bonds into lower dollar high quality high-yield bonds, loans and convertibles to maximize par build and total return."
CRPTF previously committed $50 million to Altaris Health Partners' Fund III in November 2013l and committed $75 million to OSP Value Fund III.
Mr. Russell also reported that his office has contracted with Meketa Investment Group for general investment consulting and with Albourne Partners for real estate, infrastructure and natural resources consulting.
"The consultant appointments were both for existing consulting roles with pending contract expirations" the spokeswoman clarified. "Meketa was an incumbent and retained services for general investment consulting. Albourne was awarded the real estate and infrastructure/natural resources contracting role, replacing NEPC for real estate and Meketa for infrastructure/natural resources."
