Connecticut Pension Commits $725M Across Private Markets

The Connecticut Investment Advisory Council, which oversees the investments of the $45 billion Connecticut Retirement Plans and Trust Funds, approved five investments in real assets, private credit and private investment, totaling $725 million.

Private equity firm Hg Capital received allocations in both private credit and private investment, including $150 million for the Hg Titan 2 fund. The fund makes junior capital debt investments in companies held in Hg private equity funds. Hg also received $75 million towards its Hg CT1 Co-Investment fund, which will co-invest in Hg portfolio companies.

Private equity firm HarbourVest received $175 million each for its Dover Street XI secondaries fund and Secondary Overflow Fund V. The firm is believed to be looking to raise $13.5 billion for Dover Street XI, one of the world’s biggest private equity secondaries funds.

That marks a huge increase on its Dover Street $8.1 billion Fund X closed two years ago and would be almost triple the size of Fund IX from 2016.

The Grain Communications Opportunity Fund IV received a $150 million commitment within the state’s real assets portfolio.