Institution: Connecticut Retirement Plans and Trust Funds
Headquarters: Hartford, US
AUM: $43.7 billion
Allocation to alternatives: 10.3%
Connecticut Retirement Plans and Trust Funds confirmed a $450 million commitment to HarbourVest CRPTF Co-Investment Partnership at its October investment advisory council meeting. This co-investment will be managed by HarbourVest Partners, a Boston-based asset manager with $80 billion in assets under management.
At CRPT’s meeting, the pension considered a further commitments to Crescent Capital Group. From recommendation reports created by Hamilton Lane and Meketa, the pension is contemplating an investment of up to $300 million to Crescent CRPTF Private Credit. This vehicle will originate senior loans to North American companies.
A further $300 million of commitments to Crescent CRPTF Multi-Strat LP were also proposed. This fund has a mixed strategy, including senior and junior debt, and high-yield bonds. Some 35 percent of Crescent’s professionals are women and 32 percent are from ethnic minority backgrounds.
Connecticut has a 5 percent target allocation to private credit which stood at 1.1 percent as of August.
As illustrated below, the $43.7 billion US pension’s recent real estate commitments have primarily focused on corporate vehicles with senior and subordinated/mezzanine strategies.
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