The Connecticut Retirement Plans and Trust Fund has hired six law firms to assist with its $5.9 billion alternatives programme. The firms are: Baker Botts, Edwards Angell Palmer & Dodge, Reinhart Boerner Van Deuren, Day Pitney, Lowe & savage, and Teigland-Hunt.
Executives at the $22 billion pension fund concluded their search process this week and sent the recommendations to the investment advisory council, which agreed to the appointments, said a pension spokesperson.
“I am prepared to move expeditiously to finalize agreements with these law firms so that we may proceed to implement the strategy for the [Alternative Investment Fund],” said State Treasurer Denise Nappier on 11 August, according to pension documents.
The pension fund hired the law firms to assist with the negotiation, documentation and closing of investments and agreements. The investments may include liquid assets as well as commitments to and investments in buyout, domestic and international venture capital, special situation and fund of funds. The law firms will also assist the treasurer to interpret contracts and address disputes with respect to compliance with the terms and conditions of agreements, said pension documents.
Connecticut, which has been investing in private equity since 1987, has had a quiet 2010 thus far, with only one commitment to a private equity fund.
In March, the pension committed $100 million to Landmark Partners 14th secondaries fund.
Connecticut's private equity programme has 66 funds with capital commitments of $5.9 billion, of which about $4.1 billion has been called.
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