Connecticut moves on $350m in alts commitments

The $38 billion Connecticut Retirement and Pension Trust Funds will commit a total of $350 million across three private capital funds, according to a press release sent out by State Treasurer Shawn Wooden’s office.

The decision was announced at this week’s Investment Advisory Council meeting. A $75 million commitment will be made to the Grain Communications Opportunity Fund III, plus an additional $50 million to be managed in a side car vehicle for co-investments with Grain Management.

Another $100 million was set aside for an investment in Insight Partners Opportunity Fund I and a $125 million allocation was slated for One Rock Capital Partners III Fund.

“These new commitments represent financially advantageous opportunities for the Connecticut Retirement Plans & Trust Funds,” said Treasurer Wooden. “These investments will add strategic diversification with top managers that will increase our investments in private markets opportunities consistent with our long-term investment strategy.”

Wooden also proposed revisions to the pension system’s domestic proxy voting policies that are designed to ensure that the activities align with the broader objectives to maximize returns and safeguard shareholder value, which includes holding boards accountable for board diversity, climate risk and director independence.

“There is a mounting body of evidence that the diversity of a company’s board of directors is an important attribute of a well-functioning board, an indicator of sound corporate governance, and positively correlated with increased shareholder value,” said Treasurer Wooden.

Since assuming Office, Wooden has been part of several initiatives to improve the quality and quantity of information about board composition for the benefit of all investors interested in holding boards accountable, promoting transparency, and engaging in more effective efforts to achieve and maintain board diversity. Some of the initiatives include the Northeast Investors’ Diversity Initiative (NIDI), that advocates for gender, racial and ethnic board diversity, as well as an effort with the Illinois Treasury urging companies listed on the Russell 3000 to voluntary disclose the racial/ethnic composition of their boards of directors.

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