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During the administration of state Treasurer Denise L. Nappier, Connecticut has made direct real estate and private investment commitments of $2.5 billion to 27 investment partnerships managed by 13 Connecticut-based firms, according to a press release from Nappier’s office summarizing her report to the Investment Advisory Council (IAC) Wednesday.
Overall, for the 12 months that ended June 30, the Connecticut Retirement Plans and Trust Funds’s Real Estate and Private Investment Funds returned 8.7 percent and 15.5 percent, respectively.
The Connecticut real estate investments have returned $1.36 for every $1 invested, on average.
“Besides the real estate and private investment commitments, the State benefits from in-state investments made by all its Connecticut Retirement Plans and Trust Funds partners, including in the Alternative Investment Fund,” Nappier said in a statement. “And an additional plus is the corporate citizenship of the partners, who donate a conservative estimate of at least $1 million annually to charitable causes in Connecticut.”
Under Nappier, the real estate fund has committed $1.01 billion since 2003 to 12 partnerships managed by five Connecticut-based firms. As of June 30, those firms employed 610 professionals in six cities, representing three Connecticut counties, Hartford, New Haven and Fairfield.
Overall, eight of the REF’s partnerships have invested in properties and firms located across the state. As of June 30, those partnerships had invested in 68 properties located in Connecticut, with the greatest investment in Stamford, including the Stamford Town Center. Other notable investments were made in Blue Back Square in West Hartford and Storrs Center in Mansfield.
“The [in-state] investments have contributed to job creation within numerous cities in the state and have had an impact on encouraging REF managers to give back to communities through charities, foundations, scholarships, and other educational opportunities,” Napier said in a statement.
The greatest impact, according to the REF’s consultants, was in Hartford and Greenwich.
