Connecticut will invest as much as $100 million in state workers’ and teachers’ retirement assets with Greenwich money-manager Starwood Capital Group Global L.P. to plow into overseas real estate, the state treasurer says.
Denise L. Nappier announced Wednesday that her agency will invest the pension sum into the Starwood Global Opportunity Fund X. Up to $50 million will be invested in European real estate, Nappier said.
Nappier said the decision was reached after collecting feedback from her Investment Advisory Council and her office’s real estate fund consultant The Townsend Group.
The real estate fund previously committed a total of $150 million in investments in Starwood’s opportunity funds SOF VII, SOF VIII and SOF IX.
As of June 30, the teachers’ fund totals $16.2 billion in assets, while the employee fund is at $10.5 billion, as of June 30. Over the last five years, the funds have averaged returns of 11.79 percent and 11.90 percent, respectively, Nappier said.
Starwood Capital claims more than $23 billion in assets under management.
