Connecticut Retirement System Hires GCM Grosvenor for PE, Real Estate Fund

By Mario Marroquin

The Connecticut Retirement Plans and Trust Funds (CRPTF) has made a commitment to a three-year investment fund with GCM Grosvenor Inc. of Chicago totaling $300 million. The retirement system’s investment program with GCM will allocate 50% of the fund towards opportunities in private equity, while the remaining half will focus on real estate investments.

July meeting materials from CRPTF state GCM’s custom mandate with the retirement system would target fund investments, joint ventures and co-investments. However, the private equity portion of the fund would allocate 60% to buyouts, 20% to growth and 20% to special situation PE.

The real estate mandate would target value-add and opportunistic investments across sectors.

CRPTF said the fund investment with GCM will also help foster the implementation of Connecticut’s inclusive investment initiatives for private equity and real estate investments.

GCM Grosvenor was reported to have secured a $250 million commitment for a separately managed account from the Pennsylvania Public School Employees’ Retirement System in June.

Markets Group reported in June that CRPTF was mulling increased asset allocations towards real estate and infrastructure, and a decrease in allocated resources towards global equity, non-core fixed income.