Governor  Dannel P. Malloy
 

Pension Funds

Connecticut Horizon Fund

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 21 percent of total assets.*  Additionally, there are 20 private equity sub-managers; including 1 woman-owned, 8 minority-owned, 3 emerging firms and 8 Connecticut-based. 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 demographic category.

Contact Information
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, chf.hewittennisknupp@aonhewitt.com for public market equities and fixed income; StepStone Group LP, ppm@stepstoneglobal.com, for private equity; and Cliffwater LLC, Pete Keliuotis at pkeliuotis@cliffwater.com, 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
(415) 512-3480
Ms. Tina Byles Williams, CIO and CEO
1818 Market Street, Suite 3205
Philadelphia, PA 19103
(215) 567-1100
Bivium Capital Partners Capital Prospects, LLC
Mr. Lawrence Bancroft, President and CEO
601 California Street, Suite 200
San Francisco, CA 94108
(415) 825-0610
Ms. Marilyn Freeman, Principal
One Dock Street, Suite 405
Stamford, CT 06902
(203) 388-4220
The private investment fund-of-fund managers:
JPMorgan Asset Management Private Equity Group Muller & Monroe Asset Management
Ms. Ashmi Mehrotra, Managing Director
320 Park Avenue, 15th Floor
New York, NY 10022
(212) 648-2293
Mr. Andre Rice, President
180 North Stetson Avenue, Suite 1320
Chicago, IL 60601
(312) 782-7771
The alternative investment fund-of-fund managers:
Appomattox Advisory, Inc. Morgan Stanley Alternative Investment Partners
Ms. Susan Webb, Managing Director
623 Fifth Avenue, 28th Floor
New York, NY 10022
(212) 546-6281
Ms. Maryellen Doyle, Executive Director
522 Fifth Avenue, 7th Floor
New York, NY 10036
(212) 296-6636