Institution: Connecticut Retirement Plans and Trust Funds
Headquarters: Hartford, US
AUM: $42.8 billion
Allocation to private credit: 3.1%
Connecticut Retirement Plans and Trust Funds confirmed $500 million in commitments across three private debt vehicles at its November investment advisory council meeting.
The $500 million commitments comprised of $100 million to Vistria Structured Credit Fund I and $100 million to Centre Lane Credit Partners III. CRPTF has previously partnered with Vistria, investing into the firm’s private equity vehicles such as Vista Equity Partners Fund III Vistria Fund IV.
The commitment to Centre Lane‘s third credit fund is the first known commitment made by the pension. Fund III launched in July and is seeking subordinate/mezzanine debt returns into North America companies.
A further $300 million of commitments was made to SLR Capital in the form of a partnership agreement. The $300 million vehicle, SLR Capital-CRPTF Credit Partnership, will be invested into senior credit opportunities.
Connecticut has a 3.1 percent allocation to private credit valued as of September 2022, and its private debt portfolio is valued at $1.3 billion. As illustrated below, the $42.8 billion US pension’s recent debt commitments have primarily focused on corporate vehicles with senior and subordinated/mezzanine strategies.
Platinum subscribers may click here for the investor’s full profile, including key contacts, allocation strategy and fund investments