Connecticut to increase PE exposure in Europe

The proposal was outlined by the plan's alternative investment consultant, Stepstone, during the pension fund's investment advisory council in March.

The pension fund said it is interested in increasing geographic diversification by targeting larger commitments to fund managers with a European focus.

CRPTF is also considering selecting commitments to other regions, including Asia, Africa and Latin America.

The US pension fund targets $750m of annual private equity commitments, in a bid to smooth deployment pacing.

The strategic plan also includes reducing venture capital and fund-of-funds exposure, via an increase in complementary late-stage and growth capital commitments that can be made either directly or at scale.

The pension scheme is also planning to develop a programme to leverage co-investment and secondaries purchase opportunities, which are generated through its private investment fund portfolio and provide improved net return potential.

CRPTF also considers the sales of interests in funds managed by discontinued managers on the secondary market, and the development of an emerging manager programme to identify the next generation of innovative and diverse managers.

The pension fund's target transition plan includes allocations of up to $200m per year through the financial year 2021.

The breakdown of private equity strategies consists of 57.7% buyouts, 0.5% growth, 9.3% distressed and restructuring, 5.7% mezzanine, 2.8% secondaries, and 24% venture capital.

CRPTF has recently committed to Vista Equity Partners Fund VII, ICG Europe Fund VII and EQT VIII.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• LPs
• Vista Equity Partners
• EQT