StepStone Group LP will serve as consultant for the $30 billion Connecticut Retirement Plans and Trust Funds' private investment fund, state Treasurer Denise Nappier announced July 8.
Subject to contract negotiations, StepStone is expected to begin advising the PIF in October, Nappier said in a statement. The San Diego consulting firm, which has offices in New York, was chosen from a pool of nine firms that responded to a request for proposals Nappier's office issued last November.
"StepStone has considerable experience providing private investment consulting services to public and private sector clients," said Nappier. "As globalization becomes increasingly important to successful investment strategies, StepStone's worldwide footprint and responsible investment experience will bring added value to its proven track record, and is expected to enhance the PIF's investment returns."
StepStone exclusively advises on private markets, encompassing private equity, credit, infrastructure and real assets. A signatory to the United Nations' Principles for Responsible Investment, StepStone subscribes to the U.N.'s global reporting and assessment framework.
In its response to Connecticut's RFP, StepStone wrote that it is "committed to being a responsible steward through its investments across sectors, geographies and investment strategies."
StepStone will replace Franklin Park Associates LLC of Bala Cynwyd, Pa., the fund's private investment consultant for the past 10 years.
