Connecticut Retirement Plans & Trust Funds, Hartford, disclosed more than $1.1 billion in pension fund commitments for the state's private credit and real estate portfolios.
Erick Russell, state treasurer and principal fiduciary of the $53.7 billion state pension system, announced the commitments on Jan. 10 at a meeting of Connecticut's Investment Advisory Council, according to a news release issued on Jan. 11.
Specifically, within private credit, CRPTF committed $200 million to ICG Liquid Credit Strategies, comprising ICG Global Loan Fund and ICG Global Total Credit Fund; and $125 million to ICG North America Credit Partners Fund III.
ICG Global Loan Fund and ICG Global Total Credit Fund are debt funds managed by ICG Enterprise Trust.
ICG North America Credit Partners III is a 2022 vintage debt fund managed by Intermediate Capital Group.
The pension fund also committed €150 million ($161.3 million) each to ICG Europe Mid-Market Fund II and to a customized co-investment program. These two commitments equate to about a total of $328 million at the current exchange rate, the release noted.
ICG Europe Mid-Market Fund II is a buyout fund managed by Intermediate Capital Group.
In July 2021, CRPTF committed €150 million to ICG Europe Fund VIII.
In the state's real estate portfolio, the fund committed $125 million to Penzance DC Real Estate Fund III, $200 million to Stonepeak Infrastructure Fund V and $125 million to Homestead Capital USA Farmland Fund IV.
Penzance DC Real Estate Fund III is a real estate value added fund managed by Penzance Management; Stonepeak Infrastructure Fund V is an infrastructure opportunistic fund managed by Stonepeak Infrastructure Partners; and Homestead Capital USA Farmland Fund III is an agriculture fund managed by Homestead Capital.
In May 2021, CRPTF committed $50 million in Penzance DC Real Estate Fund II.
In March 2021, CRPTF committed $125 million to Stonepeak Infrastructure Fund IV.
A spokesperson for CRPTF said the pension fund made prior commitment to Homestead. As of Oct. 31, the pension fund had an actual asset allocation of 7.6% to real estate and 4.2% to private credit, according to pension fund performance data on the CRPTF's website.