Treasurer Wooden Announces Nearly $800M In Commitments

Press release from the Treasurer's Office:

Nov. 16, 2021

At last week's Investment Advisory Council (IAC) meeting, Connecticut State Treasurer Shawn T. Wooden announced several investment decisions for the Connecticut Retirement Plans and Trust Funds (CRPTF). Investments included committing $100 million to Cityview Real Estate Partners VII, an investment opportunity within the CRPTF’s real assets allocation focused on generating value-add returns in the multifamily sector by targeting multifamily assets in high growth markets and middle-income renters. Treasurer Wooden also announced his decision to commit up to $600 million in the Crescent Private Credit partnership, and $75 million in the Ironwood Capital Management V, investments within the CRPTF’s private credit allocation.

“These new commitments within our real assets and private credit portfolios are part of our long-term strategic investment plan,” said Treasurer Shawn Wooden. “These investment opportunities will better position the Connecticut Retirement Plans and Trust Funds to meet our obligation to pension beneficiaries through strong return potential. Our long-term commitment and investment in private markets has and will continue to diversify our overall markets exposure while giving us the greatest opportunity to achieve our long-term returns through alpha generation and inflation hedging.”

Chief Investment Officer Ted Wright and Chief Risk Officer Kevin Cullinan provided a third quarter update on the CRPTF’s performance through September of this year.

Constitution Fund V Series F (Series F), a private equity investment opportunity in which Treasurer Wooden is considering committing up to $100 million, was presented to the IAC. If Treasurer Wooden decides to proceed with this investment opportunity, CRPTF would gain additional exposure to high-quality venture capital and growth-stage investment firms.

“A commitment to Series F would provide the Connecticut Retirement Plans and Trust Funds with additional exposure to venture and growth stage managers and companies through a consistent fund-of-fund strategy executed by Fairview Capital of West Hartford, Connecticut,” said Treasurer Shawn Wooden. “This strategy aligns with our strategic objectives to increase the diversification of our private equity portfolio through a continued partnership with Fairview, which has delivered attractive returns for our pension funds.”

This press release was produced by the Treasurer's Office. The views expressed here are the author's own.