The Connecticut Retirement Plans and Trust Funds
("CRPTF") posted net investment returns of 7.30 percent
for the State Employees' Retirement Fund and 7.04 percent for the
Teachers' Retirement Fund for the period ended June 30, 2018.
The two funds comprise more than 90 percent of the CRPTF.
Robust performance results of 15.50 percent and 14.74 percent in
the Private Investment and Mutual Equity Funds, respectively,
boosted the overall CRPTF fiscal year end net asset value to $34.2
billion, a $1.6 billion net increase from June 30, 2017 and a new
all-time fiscal year end record. The CRPTF posted a net
investment return of 7.0 percent for Fiscal Year 2018.
Over the course of the fiscal year, the CRPTF made commitments in
excess of $2 billion: Nine investment opportunities in the Private Investment Fund,
two in the Real Estate Fund, six in the Alternative Investment Fund
and two in the Core Fixed Income Fund.
Additionally, the Office of the
Treasurer issued a Request for Proposals for real estate investment
consulting sercices for the CRPTF; the search was near completion at
fiscal year end.
The Connecticut Horizon Fund ("CHF"), an initiative of Treasurer
Nappier to provide the Office access to a wider number of women and
minority-owned, Connecticut-based and emerging investment management
firms, has $1 billion in assets in its fund-of-funds public market program, a $155 million
private equity allocation and a $170 million alternative investment
allocation. As of June 30, 2018, the public market program
totaled 4 managers and 35
sub-managers. Emerging firms represented the largest allocation of
total assets at 69 percent; minority-owned firms represented 40
percent; women-owned firms followed with 29 percent; and Connecticut-based firms
were at 17 percent of total assets.*
Additionally, there were 3 private equity managers and 22 sub-managers; including 8
minority-owned, 4 emerging, 1 women-owned and 9
Connecticut-based. In the separately managed
Fund-of-Hedge Fund mandate within the Alternative Investment Fund,
there were 2 managers and 27 sub-managers; the breakdown includes 22 emerging firms,
13 minority-owned firms, 7 Connecticut-based firms, and 6
women-owned firms.*
*Total exceeds 100 percent
because some investment firms are owned by individuals who represent
more than one demographic category.
Expansion of the
diversity of firms with which the Pension Funds Management division does business continued
during the Fiscal Year. Overall, minority-owned, women-owned,
Connecticut-based and emerging firms, 35 in all, comprised 26.3
percent of the firms with which the division did business; these
firms earned fees of approximately $40 million, representing
more than 38 percent of
all fees paid by the division.
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