The Connecticut Horizon Fund ("CHF") is an initiative developed by State Treasurer Denise L. Nappier intended to diversify the management of the state’s pension assets and enhance portfolio returns while providing opportunities for minority or women-owned, Connecticut-based and emerging investment management firms. The goal of the initiative,
which is an aggregate of public and private market funds, is for the CHF to represent between 2.5 and 5 percent of the portfolio of the Connecticut Retirement Plans and Trust Funds (“CRPTF”). The Office of the Treasurer has made efforts throughout the Nappier administration to create successful and long term relationships with best in class firms by drawing from a large band of managers with a focus on talent, diversity and solid performance records, able to replenish the CRPTF manager source on an ongoing basis.
Multiple factors such as size of assets under management or limited track records preclude consideration of some managers for typical mandates within the CRPTF. The CHF is designed to identify and invest with the most promising managers, nurturing their growth into the next generation of mainstream investment managers. “Our efforts are always grounded, first and foremost, in prudent investing, and what is in the best interest of the pension fund and its beneficiaries,” Treasurer Nappier has stated. Over time, investment managers may graduate from the CHF with the opportunity to transition from a nascent manager to an established, mainstream institutional money manager.
The CHF is now a $1 billion fund-of-funds public market program and
additionally includes a $155 million private equity allocation and a $170
million alternative investment allocation. As of
December 31, 2016, the public markets program totaled 4 managers and 36
CHF sub-managers. Emerging firms represent the largest allocation of
total assets at 82 percent; minority-owned firms represent 41 percent;
women-owned firms follow with 31 percent; and Connecticut-based firms were at
percent of total assets.* Additionally, there are 20 private equity
sub-managers; including 1 woman-owned, 8 minority-owned, 3 emerging firms and
In the separately managed Fund-of-Hedge Fund mandate within the Alternative
Investment Fund, there are 25 sub-managers; the breakdown
includes 19 emerging strategies, 13 minority-owned firms, 6 Connecticut-based
firms, and 5 women-owned firms.*
*Total exceeds 100 percent because some
investment firms are owned by individuals who represent more than one
Firms may compete for investment
contracts so long as such managers are fully capable, with demonstrated
abilities of providing investment management services consistent with desired
investment strategies and fiduciary standards of the Connecticut Retirement
Plans and Trust Funds.
If your firm wishes to be considered for the Connecticut Horizon Fund
program, please contact Aon Hewitt Investment Consulting,
email@example.com for public market equities
and fixed income; StepStone Group LP,
for private equity; and Cliffwater LLC,
Pete Keliuotis at
for alternative investments.
Interested investment managers may contact the CHF fund-of-funds managers
for more information.
The public securities investment fund-of-fund managers:
|Progress Investment Management Company, LLC
||FIS Group, Inc.
|Ms. Linda Cornett, AVP
33 New Montgomery Street, Suite 1900
San Francisco, CA 94105
|Ms. Tina Byles Williams, CIO and CEO
1818 Market Street, Suite 3205
Philadelphia, PA 19103
|Bivium Capital Partners
||Capital Prospects, LLC
|Mr. Lawrence Bancroft, President and CEO
601 California Street, Suite 200
San Francisco, CA 94108
|Ms. Marilyn Freeman, Principal
One Dock Street, Suite 405
Stamford, CT 06902
|The alternative investment fund-of-fund managers:
|Appomattox Advisory, Inc.
||Morgan Stanley Alternative Investment
|Ms. Susan Webb, Managing Director
623 Fifth Avenue, 28th Floor
New York, NY 10022
| Ms. Maryellen Doyle, Executive Director
Avenue, 7th Floor
New York, NY 10036