Connecticut Retirement Plans and Trust Funds is considering making a $150m commitment each to a real estate fund managed by Mesirow and a Ridgewood Infrastructure-managed fund.
The pension fund disclosed in a board meeting document that it plans to place the capital into the Mesirow Financial Real Estate Value Fund V and the Ridgewood Water & Strategic Infrastructure Fund II funds.
Ridgewood is seeking to raise $1bn, according to sources.
According to Connecticut Retirement, the core-plus Ridgewood targets a 12% net internal rate of retruns, including a 5% net annual cash yield.
The fund plans to invest in mid-market US assets, deploying capital across 10 to 12 platforms valued between $50m and $150m each.
Fund II’s focus sectors include water, utilities, transportation and energy transition, with co-investment opportunities available for select limited partners.
Mesirow’s Fund V is a value-add multi-family fund focused on buying underperforming Class A and B quality assets across the US.
The fund seeks properties enhanced by proximity to mass transit, walkable retail, or anchored by key submarket features such as medical facilities, universities or other prominent amenities.
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