- Nappier considers $100 mln to Vista, $50 mln to Leeds
- Current commitments net top-quartile returns: consultant
- Laurie Martin named deputy CIO of state’s $30 bln pension
Connecticut State Treasurer Denise Nappieris weighing a pair of private equity commitments to funds managed by Vista Equity Partners and Leeds Equity Partners, a statement from spokesman David Barrett said.
Nappier is considering commitments of as much as $100 million to Vista Equity Partners VI, which is targeting $8 billion with a $10 billion hard cap, and as much as $50 million to Leeds Equity Partners VI, which is targeting $750 million. Both commitments would represent re-ups if Nappier decides to move forward.
Connecticut’s $75 million commitment to Vista Equity Partners Fund IV netted a 23.8 percent internal rate of return as of March 31, according to state documents. A $40 million commitment to Leeds Equity Partners V was netting a 17 percent IRR as of the same date. Both funds were generating top-quartile returns, according to a report presented by consultant StepStone Group at the council’s September meeting.
Nappier presented both funds at a Oct. 12 Investment Advisory Council meeting. The council advises Nappier, the sole trustee of the state’s $30 billion pension system, on policy and investment decisions.
In addition to the proposed PE commitments, Nappier also said Laurie Martin was named deputy chief investment officer. Prior to joining the Connecticut Retirement Plans and Trust Fund, Martin managed the pension, endowment and insurance assets of Baystate Health Inc.
Martin succeeds Deborah Spalding, who was named chief investment officer of Connecticut Retirement Plans and Trust Funds in 2015.
Connecticut Retirement Plans and Trust Fund began investing in PE in 1987. The state pension’s $2.5 billion private equity portfolio has netted a 9 percent IRR since inception.
Action Item: For more on Connecticut’s pension, visit www.ott.ct.gov/pensionfunds_overview.html