03/13/2025
TREASURER ERICK RUSSELL HOSTS MARCH INVESTMENT ADVISORY COUNCIL MEETING, ANNOUNCES $900 MILLION IN INVESTMENT COMMITMENTS
HARTFORD, Connecticut – Connecticut’s Investment Advisory Council (IAC) held its March meeting at the State Office Building in Hartford on Wednesday morning. In the meeting, State Treasurer Erick Russell announced investment commitments totaling $900 million.
The commitments were allocated to the private real estate and private equity portfolios of the Connecticut Retirement Plans and Trust Funds (CRPTF), which include the pension funds for retired teachers and state workers.
“There’s no denying that we’re in a moment of great uncertainty in the investment space,” said Treasurer Russell. “The IAC is comprised of dedicated members who bring an incredible depth of experience and insight, and I’m confident that we will navigate through this period of volatility. I’m grateful for their level-headed, pragmatic input as we evaluate new investment opportunities.”
In private real estate, Treasurer Russell committed up to $200 million to BIG Real Estate Fund III, L.P., and up to $250 million to GCM/CRPTF Real Estate Small and Middle Market Fund L.P.
In the private equity portfolio, he committed up to $200 million to Levine Leichtman Capital Partners VII L.P., and up to $250 million to Strategic Value Special Situations Fund VI, L.P.
These commitments followed feedback the Treasurer received at the January meeting of the IAC.
Several potential investments were reviewed for consideration at the meeting. These included Avance Investment Partners II, L.P. and Hg Saturn 4 A L.P. (private investment opportunities) and Artemis Real Estate Partners Healthcare Fund III, L.P. (a real estate opportunity).
Chief Investment Officer Ted Wright also presented a quarterly performance review of CRPTF investments during the 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. It 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 first Black out LGBTQ person to win an election for statewide office in American history. To learn more, visit portal.ct.gov/ott.
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Contact: Brett Cody
brett.cody@ct.gov | (959) 529-2468