Connecticut commits $550m to private equity in 2020

Institution: Connecticut Retirement Plans and Trust Funds
Headquarters: Hartford, United States
AUM: $35.23 billion
Allocation to alternatives: 14.5%

Connecticut Retirement Plans and Trust Funds has invested up to $550 million to private equity funds so far in 2020, noticeably behind its 2020 pacing target, according to a September 2020 investment meeting document.

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Highlights from CRPTF’s September 2020 investment committee meeting:

• The pension committed to seven funds through Q3 for fiscal year 2020, with most investments made in Q2, meeting notes show.
• Connecticut Retirement pledged $75 million to Vistria Fund III; $100 million to Dover Street X; $75 million to Georgian Partners Growth Fund V; $75 million to Hollyport Secondary Opportunities VII; $100 million JFL Equity Investors V; $50 million to Secondary Overflow Fund IV; and $75 million to Clearlake Capital Partners VI.
• Connecticut mainly focuses on Buyout strategies, according to the meeting information packet. Buyouts make up 48.5 percent of the system’s PE portfolio.
• The pension set a $950 million strategic pacing target for fund commitments in 2020. The pension lowered its pacing target for PE commitments to its core strategies to $775 million for 2021, Private Equity International previously reported.
• Connecticut Retirement Plans and Trust Funds also focuses on in-state private equity funds, having committed $145 million through 31 March, meeting notes show.

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Shawn Wooden has served as Connecticut’s 83rd state treasurer since January 2019. Prior to the role, Wooden was a partner at a law firm where he focused on public pension plans. He previously served as president of the Hartford City Council, a position he held for four years.

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