07/10/2024
Treasurer Russell Announces More Than $1 Billion in Investment Commitments at July Investment Advisory Council Meeting
HARTFORD, Connecticut –Connecticut’s Investment Advisory Council (IAC) convened at the State Office Building in Hartford on Wednesday, where State Treasurer Erick Russell announced investment commitments of more than $1 billion across the private equity, private credit, and real estate portfolios of the Connecticut Retirement Plans and Trust Funds (CRPTF). These commitments followed feedback the Treasurer received at the May meeting of the IAC.
In private equity, he committed up to $200 million to Clearlake Capital Partners VIII, L.P., up to $150 million to Stellex Capital Partners III, L.P., and up to $50 million to Stellex Capital Partners III Co-Investment.
In private credit, Treasurer Russell committed up to $300 million to Oaktree Opportunities Fund XII, L.P.
In the real estate portfolio, he announced his decision to commit $200 million to Artemis Real Estate Partners Income & Growth Fund II, L.P., and $184 million to Sterling Value Add Partners IV, L.P.
The total commitment announced at the meeting was $1.084 billion.
Additionally, Principal Investment Officer Mark Evans, along with Investment Officers Kan Zuo and Carmen Melaragno, presented a structural review of private equity to the Council. Principal Investment Officer Nishant Upadhyay and Investment Officer Jorge Portugal also provided a follow-up to the recent risk mitigation strategies structural review.
Three private investment fund opportunities were presented to the IAC for consideration and review. These were Insight Partners Opportunities Fund II, L.P., Insight Partners Opportunities Fund II Co-Investment, and Hollyport Secondary Opportunities IX, L.P.
“I am grateful to the IAC for their analysis and advice as we make these significant investments on behalf of the CRPTF,” said Treasurer Russell. “The investment commitments we announced today represent prudent diversification and opportunities for strong risk-adjusted returns, and they’re based on thorough and thoughtful examination by this group. I thank the IAC for their time and effort.”
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.
About the Office of the Treasurer
The Office of the Treasurer is charged with safeguarding Connecticut’s financial resources through prudent cash management and debt management, with the State Treasurer serving as principal fiduciary for six state pension and twelve state trust funds. Additionally, the Office enhances the state’s fiscal stability through programs promoting financial literacy and college savings, and it leverages business partnerships to support the advancement of Connecticut’s social and policy priorities, including combating gun violence and protecting our environment. The Office of the Treasurer is led by State Treasurer Erick Russell, the only Black elected state treasurer in the country. To learn more, visit: portal.ct.gov/ott.
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Contact: Cheryl Rice
cheryl.rice@ct.gov | (860) 993-4037
