PE’s hyper-aggressive recruiting process: your thoughts; Meet the new LP boss in Connecticut
Happy Friday!
Intro: Here is a name fundraising GPs will want to get to know: Shawn Wooden. He is the Treasurer-elect in Connecticut, succeeding Denise Nappier, who is retiring after 20 years, reporter Preeti Singh reported this week.
Connecticut’s treasurer has final say on investment decisions; it’s one of the last states that leaves that power in the hands of one person. The state treasurer works with an Investment Advisory Council on vetting potential investments. New York State also has a single fiduciary, the state comptroller, who makes investment decisions.
Because of this structure, Wooden, like Nappier, will be a major LP. The $30 billion Connecticut Retirement Plans and Trust Fund has a lot of room to grow its private equity portfolio. Its private equity target is 11 percent, with its actual allocation sitting at 7.5 percent.
Wooden is familiar with private equity; he works as a public pension lawyer at Day Pitney, where he advises systems on investments in alternative investments.
Coming back: Bunker Hill Capital, which has been in the news this week over its busted investment in Papa Gino’s restaurant chain, expects to come back to market by year-end or early next year with its third fund, a person with knowledge of the firm told me.
The firm raised its last fund in 2011, collecting $200 million.
Wynnchurch Capital took control of Papa Gino’s over the summer after it bought into the company’s debt. The company had been struggling under its debt load for some time. Bunker Hill acquired Papa Gino’s through its debut fund in 2005.
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