Connecticut IAC allocates to private equity, begins search for new CIO

The $38 billion Connecticut Retirement Plans and Trust Funds added two new private equity commitments, and learned about three other investment opportunities. The January Investment Advisory Council meeting saw the Connecticut State Treasurer Shawn Wooden announce his decision to commit $125 million to the K5 Private Investors Fund and €100 million ($133 million) to the Livingbridge 7 Fund. California-based K5 Private Investors began raising capital for its latest fund back in April 2020, as did Livingbridge for its seventh offering that is reportedly set to raise roughly $1.7 billion according to published reports. At last month’s meeting, staffers described the funds as housing attractive opportunities with proven expertise investing in and supporting high growth, small and mid-market companies. The system also is bidding farewell to Laurie Martin, who is leaving her post of chief investment officer on Friday, January 15 for the role of vice president of finance at Baystate Health in Springfield, Massachusetts. Moving back to her home state of Massachusetts, she said she will be closer to her family. A national search for the pension fund’s next chief investment officer has been initiated. Steven Meier, assistant treasurer and senior principal investment officer at the Office of the Treasurer, will serve as interim chief investment officer until a permanent successor is named. Martin joined as CIO in 2019. Treasurer Wooden wished her well on her new opportunity and thanked her for her service in guiding the investments at the pension fund. “In Connecticut, we are fortunate to be well positioned to continue to make key investments that represent attractive opportunities for the Connecticut Retirement Plans and Trust Funds,” added Wooden. “In 2021 and beyond, it remains imperative for us to continue to stay the course, and invest successfully for the benefit of Connecticut’s future by sticking to a disciplined long-term investment strategy of deploying capital in the private markets.” A number of new investments were presented to trustees in the infrastructure and private equity space. Wooden presented Grain Communications Opportunity Fund III and the Grain – State of Connecticut Co-Investment Partnership. The investments in the telecommunication industry are consistent with the Office of the Treasurer’s plan to maintain steady commitments to the real assets sector and to diversify the portfolio, according to Wooden. The New York State Common Retirement Fund allocated $200 million to the firm’s Grain Spectrum Holdings III in November, while the firm also won a $100 million commitment from the Florida State Board of Administration in the third quarter as well. Two private equity investment funds were presented to the Connecticut IAC: Insight Partners Opportunities Fund I and One Rock Capital Partners Fund III.

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