Institution: Connecticut Retirement Plans and Trust Funds
Headquarters: Hartford, US
AUM: $43.7 billion
Allocation to alternatives: 10.3%
Connecticut Retirement Plans and Trust Funds confirmed a $450 million commitment to HarbourVest CRPTF Co-Investment Partnership at its October investment advisory council meeting. This co-investment will be managed by HarbourVest Partners, a Boston-based asset manager with $80 billion in assets under management.
At CRPT’s meeting, the pension considered a further commitments to Crescent Capital Group. From recommendation reports created by Hamilton Lane and Meketa, the pension is contemplating an investment of up to $300 million to Crescent CRPTF Private Credit. This vehicle will originate senior loans to North American companies.
A further $300 million of commitments to Crescent CRPTF Multi-Strat LP were also proposed. This fund has a mixed strategy, including senior and junior debt, and high-yield bonds. A further commitment of up to $75 million was also presented and considered at the meeting to Ironwood Mezzanine Fund V. Some 35 percent of Crescent’s professionals are women and 32 percent are from ethnic minority backgrounds.
Connecticut has a 5 percent target allocation to private credit which stood at 1.1 percent as of August.
As illustrated below, the $43.7 billion US pension’s recent real estate commitments have primarily focused on global vehicles with a variety of strategies.
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