Connecticut Retirement Plans & Trust Funds, Hartford, disclosed two pension fund commitments totaling $200 million for the state's private credit portfolio.
Specifically, CRPTF committed $125 million to Bregal Sagemount Credit Opportunities Series 2023 and $75 million to Bregal Sagemount Direct Lending Series 2023, both managed by Bregal Sagemount.
According to materials included in the agenda for the July 26 board meeting, the Bregal Sagemount Credit Opportunities Series has a broad mandate "spanning senior secured credit through junior capital investments, with senior debt expected to comprise approximately 60% of the portfolio." Meanwhile, the Direct Lending Series will "primarily focus on secured credit investments, with first lien debt instruments expected to comprise approximately 80% of the portfolio."
CRPTF previously committed $125 million to Bregal Sagemount Fund IV in September 2022.
Erick Russell, state treasurer and principal fiduciary of the $49.3 billion state pension system, announced the commitments on Sept. 13 at a meeting of Connecticut's Investment Advisory Council, according to a news release issued that day.
As of June 30, CRPTF had an actual asset allocation of 3.6% to private credit; the target is 10%.