Ropes & Gray Represents Constitution Capital Partners in Connection with Launch of Horizon Collective Investment Trust With Over $50 Million in Initial Assets

Ropes & Gray advised Constitution Capital Partners, a leading alternative asset manager focused on private equity and private credit investments, in the launch of the Constitution Capital Horizon CIT, a collective investment trust (CIT) designed to provide defined contribution plan participants with access to private equity. Horizon launches with over $50 million in initial assets across 18 retirement plans, with near-term commitments bringing total plan assets to over $1 billion. The launch was announced on September 1.

Horizon can be incorporated into professionally managed retirement products and services, including target date funds, managed accounts and other multi-manager structures, allowing plan participants access to private equity exposure as part of a diversified retirement portfolio. Horizon was built for the operational and liquidity needs of the defined contribution market. The CIT provides private equity exposure through a diversified, multi-manager approach across primary fund investments and direct equity co-investments, while a dedicated liquidity sleeve is intended to support participant transactions and plan cash flows.

SEI Trust Company, a subsidiary of SEI Investments Company and a leading provider of trustee, operational, and administrative services for CITs, will serve as the trustee. At launch, Horizon will be available to eligible defined contribution plans through professionally managed retirement products and services on the Principal Financial Group 401(k) recordkeeping platform.

Ropes & Gray has a dedicated, multidisciplinary collective investment trust & 401(k) access practice with deep experience in fund formation, CIT design, ongoing operations and a wide client roster. More than 20 lawyers and other professionals from asset management, ERISA, regulatory and compliance, tax, and enforcement practices deliver practical advice for every stage of the CIT lifecycle.

The Ropes & Gray team was led by asset management partner Eric Requenez and ERISA & benefits partner Josh Lichtenstein, co-leads of the CIT & 401(k) access practice, and included ERISA & benefits partner and co-lead of the CIT & 401(k) access practice Sharon Remmer, asset management partners Alyssa Horton and Jason Brown, ERISA & benefits counsel Alexa Voskerichian, asset management counsel John Wang, benefits consulting group principal David Kirchner, and senior benefits consultant Bill Littell.