CRPTF Expands Allocations Across Buyouts, Credit and Infrastructure

The Connecticut Retirement Plans and Trust Funds has announced approximately $1.5 billion in new commitments spanning private equity, private credit, real estate, and infrastructure and natural resources, continuing an aggressive diversification push that trustees formalized in a glide path plan targeting an increase in alternatives exposure to over 40% from just under 28% by 2028.

The $8 billion private equity portfolio added three funds. Levine Leichtman Capital Partners received a $200 million commitment to LLCP Lower Middle Market Fund IV, which targets entrepreneur-led businesses in franchising, business services, education, and engineered products. A €150 million ($176 million) allocation went to Inflexion Buyout Fund VII, the Northern Europe-focused middle-market strategy that closed at its €4.5 billion hard cap in March after six months in market. J.F. Lehman & Company’s JFL Equity Investors VII received $300 million, extending a relationship that began with a $100 million commitment in 2020.

In private credit, CRPTF committed up to $175 million each to Hamilton Lane Credit Income Private Fund and a dedicated CRPTF-Hamilton Lane Credit Sidecar, and up to $250 million to JFL Credit Opportunities Fund II. The real estate portfolio received a $200 million commitment to Stockbridge Capital Group’s Smart Markets Fund, while infrastructure and natural resources saw an additional $150 million directed to Axium Infrastructure’s AxInfra NA II.

The latest round follows $650 million in private equity and real estate allocations disclosed in March.

“These commitments reflect a continuation of our disciplined and diversified approach to long-term investing,” said Treasurer Erick Russell. “Faced with increasing economic and geopolitical uncertainty, we remain focused on ensuring the retirement security of our dedicated teachers and state workers, while reducing the burden on Connecticut’s taxpayers.”