HARTFORD, Connecticut – At this month’s meeting of Connecticut’s Investment Advisory Council (IAC), which convened at the State Office Building in Hartford on Wednesday, State Treasurer Erick Russell announced investment commitments totaling more than $1.6 billion. 

These investments included allotments in the private infrastructure and natural resources, private real estate, private equity, and private credit portfolios of the Connecticut Retirement Plans and Trust Funds (CRPTF), which includes the pension funds for retired teachers and state workers.

“This week, I had the honor of standing with Governor Lamont and Comptroller Scanlon to announce some tremendous progress in our pension fund valuations,” said Treasurer Russell. “The State Employees Retirement Fund is now funded at the highest level since 2003, and the Teachers’ Retirement System at the highest level since 2008. Our recent success in generating strong investment returns has played a big part in that success, as we’ve capitalized on recent reforms and strategic adjustments. I’m extremely proud of the role the IAC has played in these accomplishments, and I’m incredibly grateful for their hard work and their partnership.”

In private infrastructure and natural resources, Treasurer Russell committed up to $200 million to ISQ Global Infrastructure Credit II, L.P., and up to $300 million to Morgan Stanley CRPTF Co-Investment L.P. infrastructure series.

In private real estate, he announced a commitment of up to $150 million to Morgan Stanley CRPTF Co-Investment L.P. real estate series.

In the private equity portfolio, he committed up to $450 million to Ardian CT Private Equity Partners.

In private credit, he committed up to $300 million to CRPTF-SLR Credit Partnership L.P. and up to €215 million (approximately $226 million) to ICG Europe Fund IX.

The total commitment announced at the meeting was up to $1.626 billion. These commitments followed feedback the Treasurer received at the September meeting of the IAC.

Four potential investments were reviewed for consideration at the meeting. These included HarbourVest CT Co-Investment Fund L.P. – Tranche 2 (a private investment opportunity), HarbourVest CT Private Debt Partnership L.P. (a private credit opportunity), Mesirow Financial Real Estate Value Fund V, L.P., (a real estate opportunity), and Ridgewood Water & Strategic Infrastructure Fund II, L.P. (an infrastructure and natural resources opportunity).

This was the first meeting of IAC chair Philip Zecher. Of his new role, Zecher said, “I’m honored to have been selected by Governor Lamont to chair the IAC. From what I’ve learned about the professionals who make up this council, I’m not at all surprised by the tremendous strides being made by the CRPTF. Working alongside Treasurer Russell, I look forward to continuing that growth and progress.”

The IAC shares responsibility for Connecticut’s investment strategy and performance. Its members are appointed by unions representing teachers and state workers, legislative leaders, and the Governor. The IAC plays a key role in setting the pension funds’ investment policy and asset allocation, and in the hiring of key investment personnel. All IAC meetings are open to the public. Meeting materials, including past agendas and investment presentations, are available on the Office of the Treasurer’s website: portal.ct.gov/OTT/About-the-Treasury/Advisory-Council.

###