​Connecticut Retirement mulls investing in Carlyle core-plus property fund

Connecticut Retirement Plans and Trust Funds is planning to issue a $150m (€134.5m) commitment to a Carlyle Group managed core-plus real estate fund.

The pension fund said it intends to commit to the Carlyle Property Investors (CPI) fund, which had $4.8bn in managed assets during the second quarter of last year.

The manager has invested $87m of its own capital into the open-ended fund as a co-investment.

The fund has a 45% exposure to apartments, compared with for the ODCE Index which has a 25% exposure to the property type.

The fund’s medical and manufactured housing assets represent 15% and 14.7% exposure respectively.

Launched in September 2015, the CPI fund has achieved a three-year total net return of 11.1%, compared with its 9% to 11% targeted net annualised returns.

The current leverage component on the fund stands at 53% loan-to-value.

The Carlyle Group did not respond to a request for comment.