Connecticut Retirement Plans and Trust Funds (CRPTF) has hired GCM Grosvenor to invest $150m (€145m) in emerging and diverse real estate fund managers.
GCM Grosvenor will manage a $300m mandate, split equally between real estate and private equity fund managers, according to a CRPTF board meeting document.
The mandate forms part of the pension fund’s Connecticut Inclusive Investment Initiative (CI3), which was set up in 2020 to support emerging and diverse fund managers across various asset classes.
GCM Grosvenor, which is expected to co-invest $1.5m, will target between 15 and 20 managers active or located in North America and Europe.
According to its website, GCM Grosvenor has $6.1bn in assets under management specifically related to emerging and diverse fund managers in real assets.
In a statement, Connecticut State Treasurer Shawn T Wooden, said: “It’s important to me that we source best-in-class emerging and diverse managers, and having the right partners in the private markets allows us to do that.
“The talent and experience represented by these partners broadens and diversifies our range of investment opportunities with emerging and diverse managers within the private markets and helps us maximize our risk-adjusted returns.”
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