
01/23/2025
TREASURER ERICK RUSSELL ANNOUNCES NEARLY $2 BILLION IN INVESTMENT COMMITMENTS AT FIRST INVESTMENT ADVISORY COUNCIL MEETING OF 2025
HARTFORD, Connecticut – Connecticut’s Investment Advisory Council (IAC) convened on Wednesday morning at the State Office Building in Hartford for its first meeting of 2025. At the meeting, State Treasurer Erick Russell announced investment commitments totaling $1.95 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.
“The IAC plays a vital role in our strategic asset allocation and in evaluating potential investment opportunities,” said Treasurer Russell. “The investments we announced today continue to move us toward those asset allocation targets and ultimately toward our overall goal of maximizing the returns we earn for Connecticut pensioners.”
In private infrastructure and natural resources, Treasurer Russell committed up to $150 million to Ridgewood Water & Strategic Infrastructure Fund II, L.P.
In private real estate, he announced a commitment of up to $150 million to Mesirow Financial Real Estate Value Fund V, L.P.
In the private equity portfolio, he committed up to $900 million to HarbourVest CT Co-Investment Fund, L.P., Tranche 2.
In private credit, he committed up to $750 million to HarbourVest CT Private Debt Partnership L.P.
These commitments followed feedback the Treasurer received at the December meeting of the IAC.
Four potential investments were reviewed for consideration at the meeting: Levine Leichtman Capital Partners VII, L.P.; Strategic Value Special Situations Fund VI, L.P. (private investment opportunities); BIG Real Estate Fund III, L.P. GCM/CT; and Real Estate Small and Middle Market Fund, L.P. (real estate opportunities).
Recommended pacing plans for the Private Equity, Private Credit, Real Estate, and Infrastructure/Natural Resources asset classes were also reviewed at Wednesday’s meeting.
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.
*** END ***
Contact:Brett Cody
Brett.Cody@ct.gov | (959) 529-2468