This is an updated version of an earlier report.
Connecticut Treasurer Denise L. Nappier committed up to $150 million in state pension money to a pair of New York and Dallas equity real estate funds.
Meantime, Nappier also said Wednesday she is weighing a separate investment of as much as the same sum with a fund run by Greenwich investment manager Starwood Capital Group Global L.P.
In mid-May, the state treasurer disclosed that she was considering investing $100 million with Clarion Lion Industrial Trust, a $4.8 billion open-end investment fund whose general partner is Clarion Partners of New York City.
The fund will focus chiefly, she said, on acquiring, renovating, repositioning and/or redeveloping industrial properties across the country.
Starwood Capital’s Starwood Global Opportunity Fund X is a $4 billion to $5 billion co-mingled opportunistic fund that invests in overseas real estate, up to half of which is in Europe, Nappier said.
Nappier also has committed up to $50 million to Cypress Acquisition Partners Retail Fund, whose specialty is re-tenanting, repositioning and/or redeveloping retail properties across the country.
Both investments are contingent upon successful negotiation of contract terms and fund documents, she said in a statement.
Finally, Nappier said she has chosen First Quadrant L.P. and Bank New York Mellon’s Pareto Investment Management unit to manage the foreign currency exposure in separately managed accounts in the Developed Market International Stock Fund. The awards are contingent upon successful contract negotiations.
Nappier’s office said she rendered her investment decisions based on consultation and recommendations from her office’s investment advisory committee.
Her office has said previously these and other investment decisions are part of the treasurer’s ongoing review of pension assets and their third-party handlers to extract maximum value from state and municipal workers’ more than $28 billion in pension assets.
