CT Horizon Fund
The Connecticut Horizon Fund ("CHF") is an initiative 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 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. 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 markets program and additionally includes a $155 million private equity allocation and a $170 million alternative investment allocation. As of June 30, 2018, the public markets program totaled 4 managers and 35 sub- managers. Emerging firms represent the largest allocation of total assets at 69 percent; minority-owned firms represent 40 percent, followed by women-owned firms at 29 percent, and Connecticut-based firms are at 17 percent of total assets.* Additionally, there are 3 private equity managers and 22 sub-managers, including 1 women-owned, 8 minority-owned, 4 emerging strategies and 9 Connecticut-based. In the separately managed Fund-of-Hedge Fund mandate within the Alternative Investment Fund, there are 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.
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 CRPTF.
If your firm wishes to be considered for the CHF program, please contact Meketa Investment Group, email@example.com for public market equities and fixed income; StepStone Group LP, firstname.lastname@example.org for private equity; and Meketa Investment Group email@example.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 (Fixed Income & Developed Markets International Equities)||FIS Group, Inc. (U.S. Equities)|
|Ms. Linda Cornett, AVP
33 New Montgomery Street, Suite 1900
San Francisco, CA 94105
(415) 512-3480, Ext 231
|Ms. Tina Byles Williams, CIO and CEO
1845 Walnut Street, Suite 800
Philadelphia, PA 19103
|Bivium Capital Partners (U.S. Equities)||Capital Prospects, LLC (U.S. Equities)|
|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 private investment fund-of-fund managers:
|JPMorgan Asset Management Private Equity Group (Connecticut-Based Small and Emerging Managers)||Muller & Monroe Asset Management (Diverse, Emerging or Connecticut-Based Managers)|
|Ms. Ashmi Mehrotra, Managing Director
320 Park Avenue, 15th Floor
New York, NY 10022
|Mr. Andre Rice, President
180 North Stetson Avenue, Suite 1320
Chicago, IL 60601
The alternative investment fund-of-fund manager:
|Appomattox Advisory, Inc. (Hedge Funds)|
|Ms. Susan Webb, President/CIO
551 Fifth Avenue, 26th Floor
New York, NY 10176