Connecticut Retirement Commits $900M to Alts, Discloses $6.75B Alts Pacing Plans

The Connecticut Retirement Plans and Trust Funds allocated a total of $900M to four funds, and disclosed pacing plans for its infrastructure, real estate, private credit, and private equity portfolios. 

Per materials related to its January 22 board meeting, the pension made a $200M allocation to Levine Leichtman Capital Partners VII in private equity, $250M to Strategic Value Special Situations VI in private credit, $200M to BIG Real Estate Fund III, and $250M to GCM/CT Real Estate Small And Middle Market Fund, both in real estate. 

Meanwhile, Connecticut is targeting $6.75B in commitments across four asset classes for 2025. The pension is targeting $700M in infrastructure and natural resources commitments, composed of $200M to non-core infrastructure and $500M to core infrastructure. In real estate, $850M is earmarked for commitments to non-core and $500M for core, for a total of $1.3B for the asset class. In private credit, Connecticut is targeting $1.85B in commitments, including $200M in co-investments, and finally in private equity, the pension is targeting $2B in commitments, with $300M for co-investments. 

The $59.5B state pension said the pacing structure is based on a 4% net growth rate assumption. All four asset classes carry a combined allocation benchmark of 42%, with 15% for private equity, 10% each for real estate and private credit, and 7% for infrastructure/natural resources. 

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Written By: Dakota

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