Connecticut adds $450m to alts, taps consultant

Connecticut State Treasurer Shawn Wooden following the Investment Advisory Council meeting announced his decision to commit $450 million across five distinct private capital investment strategies on behalf of the state pension system. It has been a busy year at the retirement fund as officials have made $2.9 billion in private capital commitments, according to Wooden. The $38 billion Connecticut Retirement Plans and Trust Funds is committing to Clearlake Flagship Plus Partners Fund ($100 million); IPI Partners II Fund ($100 million); TruAmerica Workforce Housing Fund ($50 million); and the Secondary Overflow Fund IV ($50 million). “These commitments are part of our ongoing effort to strategically deploy capital to compelling private equity and real asset opportunities,” said Treasurer Wooden. “The funds will allow the Connecticut Retirement Plans and Trust Funds (CRPTF) to benefit from increased investment with three existing managers in our portfolio as well as adding two new high-quality managers in IPI Partners and TruAmerica.” While Clearlake and the HarbourVest’s Secondary Overflow Fund IV are private equity strategies, while IPI Partners and the TruAmerica funds are real estate/real asset investments. IPI invests in data centers, while TruAmerica allocates as the name suggests to housing developments. Treasurer Wooden also announced his decision to award the Private Capital consultant contract to Hamilton Lane Partners and noted that contract negotiations are underway. Hamilton Lane will advise on private equity and private credit opportunities for the CRPTF. The finalists named at this week’s investment advisory council meeting were: Aksia, Hamilton Lane and the StepStone Group. Connecticut’s private equity and private credit consulting services are provided currently through separate contracts with StepStone and Meketa, respectively. The RFP was initiated to address the scheduled expiration of StepStone’s original contract term and to allow the CRPTF the opportunity to consolidate private capital consulting services with one firm, thus providing the benefits of increased staff and fee efficiencies along with enhanced services, according to a memo from Treasurer Wooden. At this past week’s meeting, two new private equity opportunities were reviewed by the Investment Advisory Council -- K5 Private Investors and Livingbridge 7. According to staff, the funds represent attractive opportunities to partner with two firms with proven expertise investing in and supporting high growth, small and mid-market companies.

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