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City of Milford Pension & Retirement Fund
The City of Milford Pension & Retirement Fund manages retirement assets for municipal employees in Milford, CT, with Gregory S.
City of Milford Pension & Retirement Fund
The City of Milford Pension & Retirement Fund operates as the municipal retirement system for employees of Milford, Connecticut. Governance is vested in a Pension & Retirement Board, chaired by Gregory S. Kimmel with Ann Maher serving as Secretary and Christian McInnis as Vice Chairman. The board's monthly meeting cadence provides a regular oversight rhythm for a plan that serves a classic municipal workforce: police, firefighters, public works, and city administrators. The fund holds an alternatives allocation uncommon for a municipality of Milford's size. A dedicated India-focused private equity allocation is managed externally by Mukul Gulati at Zephyr Management, a New York-headquartered emerging markets specialist that has deployed capital into Indian growth companies since the 1990s. The fund also maintains a precious-metals equity sleeve through a Gold and Silver Stocks Portfolio, alongside a broader Alternative Investment Portfolio encompassing private-market exposures. The domestic public-equity and fixed-income book likely forms the core, though exact weights remain undisclosed. The geographic footprint spans US public markets, India private equity, and global commodity-linked equities. The board's volunteer structure — with appointed officials serving alongside city financial staff — reflects the governance model of Connecticut's smaller municipal plans. The fund's decision to allocate internationally and into alternatives, rather than remaining in a plain-vanilla 60/40, signals an investment committee willing to step beyond the state's pension default settings. Zephyr Management, the sole externally named partner, has historically closed mid-market growth funds targeting India, suggesting Milford participates through a commingled vehicle rather than direct co-investments. What distinguishes this plan structurally is the combination of a small municipal footprint with an emerging-markets private-equity sleeve. Most Connecticut suburban plans of Milford's population tier concentrate assets in state-run fixed-income pools or broad index mandates. The India allocation, likely placed over a decade ago given Zephyr's vintage cycles in the region, represents a strategic bet on a demographic thesis that larger state plans typically access through much larger commitments.
General information
Firm type
Public Pension Fund
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Milford
Corporate office
Milford, CT, United States
Principals
Gregory S. Kimmel
Chairman, Pension & Retirement Board
Ann Maher
Secretary and Acting Chair, Pension & Retirement Board
Christian McInnis
Vice Chairman, Pension & Retirement Board
Sector focus
Frequently asked questions
Who runs investment decisions at the City of Milford Pension & Retirement Fund?
The Pension & Retirement Board holds the fiduciary authority. Gregory S. Kimmel serves as Chairman, with Ann Maher as Secretary and Christian McInnis as Vice Chairman. The board meets monthly to review the plan's funding status, asset allocation, and manager performance. Day-to-day portfolio management for specific sleeves is delegated to external managers like Zephyr Management.
How does the fund's India-focused private equity allocation work?
The fund has allocated to India-focused private equity through Zephyr Management, where Mukul Gulati serves as Managing Director. Zephyr runs commingled growth-equity funds targeting Indian mid-market companies — a strategy the firm has pursued since the 1990s. Milford likely accesses this through a standard limited-partner commitment to one or more Zephry fund vintages.
Does the plan use investment consultants, or does the board select managers directly?
The plan's public records reference a board-governed process, and most Connecticut municipal plans of this size engage a third-party general investment consultant to assist with asset-liability studies, manager searches, and performance monitoring. The specific consulting relationship for Milford is not publicly confirmed, but board minutes and meeting agendas would disclose any retained consulting firm.
What is the funding status of the City of Milford's pension plan?
As a Connecticut municipal plan, the fund reports annually to the state's retirement commission. Funding ratios for Connecticut's local plans vary widely, and Milford's specific funded status is available through its annual actuarial valuation report, a public document. The plan's willingness to maintain an alternatives allocation suggests a long-duration, total-return approach typical of plans aiming to close funding gaps through return-seeking assets.
What does the Gold and Silver Stocks Portfolio represent?
The fund allocates to a dedicated precious-metals equity sleeve, likely through a specialist manager or a commmodity-linked equity ETF. This portfolio provides inflation-hedging characteristics and diversification away from the plan's core bond and domestic-equity holdings. Gold and silver mining equities carry equity-market beta but historically show low correlation to broad US stock indexes over full market cycles.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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