Connecticut Retirement Plans and Trust Funds is planning a $250m (€213.5m) investment in US value-add real estate through the latest Artemis Real Estate Partners fund, which is seeking to raise $2.5bn.
The pension fund disclosed in board meeting documents that it intends to allocate the capital to Artemis Real Estate Partners Fund V, which currently has no hard cap target.
Artemis and its parent organisation, Barings, are planning a general partner co-investment of at least $250m, or 10% of the total fund size, according to the meeting document.
Fund V, which targets net returns of 13% to 15%, will focus on industrial, residential and select alternative assets, such as healthcare, self-storage and hotels.
Connecticut Retirement, which currently has $800m in assets managed by Artemis and Barings, said it intends to liquidate $273m of this portfolio within the next two years.
Artemis declined a request for comment.
Connecticut Retirement is also considering making a $150m follow-on commitment to the Lion Industrial Trust, a core-plus open-ended fund managed by Clarion Partners.
The pension fund made an initial $100m commitment to the North American industrial fund in 2015, the net asset value of which stood at $287.3m at the end of 2025.
According to Connecticut Retirement, as of the end of 2025, the fund had a net asset value of $20.4bn.
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