{
  "schema": "decision-histories/1",
  "allocator": "Connecticut Retirement Plans and Trust Funds",
  "sources": {
    "authority": {
      "label": "Connecticut investment policy statement · Treasurer and Council responsibilities",
      "url": "https://portal.ct.gov/-/media/ott/pension-funds/investment-policy/022323ipsapprovedrevised.pdf?rev=7997e71b280b42569387476325555e02#page=4"
    },
    "hg_recommendation": {
      "label": "September IAC materials · private equity recommendations",
      "url": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/090825meetingmaterialsiac.pdf?hash=858D9E91DC8B1831FD70DF1368B99F19&rev=ecbba7313f7144a7b7fd2b375b272e67"
    },
    "sixth_recommendation": {
      "label": "September IAC materials · Sixth Street executive summary and feeder footnote",
      "url": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/091025meetingmaterials-final.pdf?hash=628240FB40F5314D42C35429E32AC169&rev=565e7130514743cea0afd6034980e416"
    },
    "hg_minutes": {
      "label": "September 10 IAC minutes · p. 3",
      "url": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/111220259102025minutesfinal.pdf?rev=ca252807fd2f4a5c8bf46820dc261a35&hash=7DCD792C9550FDBA9BE2B3A2FE789F78#page=3"
    },
    "sixth_minutes": {
      "label": "September 10 IAC minutes · pp. 3–4",
      "url": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/111220259102025minutesfinal.pdf?rev=ca252807fd2f4a5c8bf46820dc261a35&hash=7DCD792C9550FDBA9BE2B3A2FE789F78#page=3"
    },
    "decision": {
      "label": "November 12 IAC minutes · Comments by the Treasurer",
      "url": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/01132026meetingmaterialsiacmeeting01142026.pdf?hash=533C0247869DAB44927AB524D2EB87A6&rev=53c4cd3ee58540daa021496769318081"
    },
    "closing": {
      "label": "November IAC packet · 2025 Strategic Pacing Plan, private equity",
      "url": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/11062025meetingmaterialsiacmeetingnovember122025.pdf?hash=FFDBC7B440E391287604561D414F8120&rev=88eb22b90ca84d7cb380ff71f3f85828"
    },
    "sixth_fund_close": {
      "label": "Cleary Gottlieb · Sixth Street fund formation and final close",
      "url": "https://www.clearygottlieb.com/news-and-insights/news-listing/sixth-street-forms-sle-iii"
    },
    "council_roster": {
      "label": "Treasurer’s FY2025 annual report · Council membership",
      "url": "https://portal.ct.gov/-/media/ott/newsroom/reports/010220262025annualreportfinal123125.pdf?rev=f153048b811e4b20a8c9a3099c2e19ac"
    },
    "staff_agenda": {
      "label": "September 10, 2025 IAC agenda · presenting staff",
      "url": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/090425iacagenda.pdf?rev=e2d6fcda82714e528265c919181e1548"
    },
    "pension_staff": {
      "label": "Connecticut Pension Funds Management · division overview",
      "url": "https://portal.ct.gov/OTT/Pension-Funds/Overview"
    },
    "murphy_bio": {
      "label": "Connecticut IAC · Chris Murphy biography",
      "url": "https://portal.ct.gov/ott/pension-funds/investment-advisory-council/chris-murphy"
    },
    "zecher_appointment": {
      "label": "Governor Lamont · Zecher chair appointment",
      "url": "https://portal.ct.gov/governor/news/press-releases/2024/09-2024/governor-lamont-names-philip-zecher-as-chair-of-the-connecticut-investment-advisory-council"
    },
    "selection_policy": {
      "label": "Connecticut Treasury · manager selection criteria",
      "url": "https://portal.ct.gov/ott/doing-business/selection-criteria"
    }
  },
  "vehicles": [
    {
      "slug": "hg-mercury-5-a",
      "name": "Hg Mercury 5 A, L.P.",
      "program": "Private equity",
      "docket": "hg",
      "decision_amount": "€75 million",
      "additional": false,
      "closing_alias": "Hg Mercury 5",
      "selection_rationale": "The packet places Mercury in small and mid-market buyouts, with a focus on software and technology-enabled services. Staff highlighted existing experience with Hg and demand for enterprise software.",
      "recommended_amount": "€75 million",
      "events": [
        {
          "kind": "due_diligence",
          "date": null,
          "date_basis": "Documented in the September packet",
          "summary": "The packet places Mercury in small and mid-market buyouts, with a focus on software and technology-enabled services. Staff highlighted existing experience with Hg and demand for enterprise software.",
          "actors": [
            {
              "name": "Connecticut Pension Funds Management",
              "action": "Conducted due diligence"
            },
            {
              "name": "Hamilton Lane",
              "action": "Conducted due diligence"
            }
          ],
          "citations": [
            {
              "source_type": "official_document",
              "source_path": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/090825meetingmaterialsiac.pdf?hash=858D9E91DC8B1831FD70DF1368B99F19&rev=ecbba7313f7144a7b7fd2b375b272e67",
              "label": "September IAC materials · private equity recommendations"
            }
          ]
        },
        {
          "kind": "agenda",
          "date": "2025-09-04",
          "date_basis": "Agenda memorandum date",
          "summary": "The Treasurer and Council Secretary circulated the agenda naming the staff presenters.",
          "actors": [
            {
              "name": "Treasurer Erick Russell",
              "action": "Issued the agenda memorandum"
            }
          ],
          "citations": [
            {
              "source_type": "official_document",
              "source_path": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/090425iacagenda.pdf?rev=e2d6fcda82714e528265c919181e1548",
              "label": "September 10, 2025 IAC agenda · presenting staff"
            }
          ]
        },
        {
          "kind": "recommendation",
          "date": "2025-09-10",
          "date_basis": "Meeting packet",
          "summary": "The CIO recommended consideration of up to €75 million.",
          "amount_kind": "recommended_commitment",
          "amount_display": "€75 million",
          "actors": [
            {
              "name": "Ted Wright",
              "action": "CIO named in the meeting record; recommendation attributed to the CIO role"
            }
          ],
          "citations": [
            {
              "source_type": "official_document",
              "source_path": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/090825meetingmaterialsiac.pdf?hash=858D9E91DC8B1831FD70DF1368B99F19&rev=ecbba7313f7144a7b7fd2b375b272e67",
              "label": "September IAC materials · private equity recommendations"
            },
            {
              "source_type": "official_document",
              "source_path": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/090425iacagenda.pdf?rev=e2d6fcda82714e528265c919181e1548",
              "label": "September 10, 2025 IAC agenda · presenting staff"
            }
          ]
        },
        {
          "kind": "presentation",
          "date": "2025-09-10",
          "date_basis": "Meeting date",
          "summary": "The minutes record that two investment staff members presented the opportunity.",
          "actors": [
            {
              "name": "Mark Evans",
              "action": "Presented"
            },
            {
              "name": "Kan Zuo",
              "action": "Presented"
            }
          ],
          "citations": [
            {
              "source_type": "official_document",
              "source_path": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/111220259102025minutesfinal.pdf?rev=ca252807fd2f4a5c8bf46820dc261a35&hash=7DCD792C9550FDBA9BE2B3A2FE789F78#page=3",
              "label": "September 10 IAC minutes · p. 3"
            }
          ]
        },
        {
          "kind": "comment_waiver",
          "date": "2025-09-10",
          "date_basis": "Meeting date",
          "summary": "The Council unanimously passed the motion to waive the 45-day comment period.",
          "motion_id": "ct-iac-2025-09-10-hg-comment-waiver",
          "actors": [
            {
              "name": "Philip Zecher",
              "action": "Called for the motion and vote"
            },
            {
              "name": "D. Ellen Shuman",
              "action": "Moved the waiver"
            },
            {
              "name": "Chris Murphy",
              "action": "Seconded the waiver"
            },
            {
              "name": "Investment Advisory Council",
              "action": "Passed the waiver"
            }
          ],
          "citations": [
            {
              "source_type": "official_document",
              "source_path": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/111220259102025minutesfinal.pdf?rev=ca252807fd2f4a5c8bf46820dc261a35&hash=7DCD792C9550FDBA9BE2B3A2FE789F78#page=3",
              "label": "September 10 IAC minutes · p. 3"
            }
          ]
        },
        {
          "kind": "reported_decision",
          "date": "2025-11-12",
          "date_basis": "Date reported to the Council",
          "summary": "The Treasurer’s Office reported a decision to commit up to €75 million.",
          "amount_kind": "commitment_cap",
          "amount_display": "€75 million",
          "actors": [
            {
              "name": "Office of the State Treasurer",
              "action": "Decision-maker as reported"
            },
            {
              "name": "Treasurer Erick Russell",
              "action": "Announced the decision"
            }
          ],
          "citations": [
            {
              "source_type": "official_document",
              "source_path": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/01132026meetingmaterialsiacmeeting01142026.pdf?hash=533C0247869DAB44927AB524D2EB87A6&rev=53c4cd3ee58540daa021496769318081",
              "label": "November 12 IAC minutes · Comments by the Treasurer"
            }
          ]
        },
        {
          "kind": "reported_closing",
          "date": null,
          "date_basis": "November 2025 pacing report",
          "summary": "The private equity pacing table marks Hg Mercury 5 closed. The table gives a reported status.",
          "actors": [],
          "citations": [
            {
              "source_type": "official_document",
              "source_path": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/11062025meetingmaterialsiacmeetingnovember122025.pdf?hash=FFDBC7B440E391287604561D414F8120&rev=88eb22b90ca84d7cb380ff71f3f85828",
              "label": "November IAC packet · 2025 Strategic Pacing Plan, private equity"
            }
          ]
        }
      ]
    },
    {
      "slug": "hg-genesis-11-a",
      "name": "Hg Genesis 11 A, L.P.",
      "program": "Private equity",
      "docket": "hg",
      "decision_amount": "€75 million",
      "additional": false,
      "closing_alias": "Hg Genesis 11",
      "selection_rationale": "The packet frames Genesis as an expansion of the existing Hg relationship and cites European software and services exposure, Hg’s track record, and demand for enterprise software.",
      "recommended_amount": "€75 million",
      "events": [
        {
          "kind": "due_diligence",
          "date": null,
          "date_basis": "Documented in the September packet",
          "summary": "The packet frames Genesis as an expansion of the existing Hg relationship and cites European software and services exposure, Hg’s track record, and demand for enterprise software.",
          "actors": [
            {
              "name": "Connecticut Pension Funds Management",
              "action": "Conducted due diligence"
            },
            {
              "name": "Hamilton Lane",
              "action": "Conducted due diligence"
            }
          ],
          "citations": [
            {
              "source_type": "official_document",
              "source_path": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/090825meetingmaterialsiac.pdf?hash=858D9E91DC8B1831FD70DF1368B99F19&rev=ecbba7313f7144a7b7fd2b375b272e67",
              "label": "September IAC materials · private equity recommendations"
            }
          ]
        },
        {
          "kind": "agenda",
          "date": "2025-09-04",
          "date_basis": "Agenda memorandum date",
          "summary": "The Treasurer and Council Secretary circulated the agenda naming the staff presenters.",
          "actors": [
            {
              "name": "Treasurer Erick Russell",
              "action": "Issued the agenda memorandum"
            }
          ],
          "citations": [
            {
              "source_type": "official_document",
              "source_path": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/090425iacagenda.pdf?rev=e2d6fcda82714e528265c919181e1548",
              "label": "September 10, 2025 IAC agenda · presenting staff"
            }
          ]
        },
        {
          "kind": "recommendation",
          "date": "2025-09-10",
          "date_basis": "Meeting packet",
          "summary": "The CIO recommended consideration of up to €75 million.",
          "amount_kind": "recommended_commitment",
          "amount_display": "€75 million",
          "actors": [
            {
              "name": "Ted Wright",
              "action": "CIO named in the meeting record; recommendation attributed to the CIO role"
            }
          ],
          "citations": [
            {
              "source_type": "official_document",
              "source_path": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/090825meetingmaterialsiac.pdf?hash=858D9E91DC8B1831FD70DF1368B99F19&rev=ecbba7313f7144a7b7fd2b375b272e67",
              "label": "September IAC materials · private equity recommendations"
            },
            {
              "source_type": "official_document",
              "source_path": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/090425iacagenda.pdf?rev=e2d6fcda82714e528265c919181e1548",
              "label": "September 10, 2025 IAC agenda · presenting staff"
            }
          ]
        },
        {
          "kind": "presentation",
          "date": "2025-09-10",
          "date_basis": "Meeting date",
          "summary": "The minutes record that two investment staff members presented the opportunity.",
          "actors": [
            {
              "name": "Mark Evans",
              "action": "Presented"
            },
            {
              "name": "Kan Zuo",
              "action": "Presented"
            }
          ],
          "citations": [
            {
              "source_type": "official_document",
              "source_path": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/111220259102025minutesfinal.pdf?rev=ca252807fd2f4a5c8bf46820dc261a35&hash=7DCD792C9550FDBA9BE2B3A2FE789F78#page=3",
              "label": "September 10 IAC minutes · p. 3"
            }
          ]
        },
        {
          "kind": "comment_waiver",
          "date": "2025-09-10",
          "date_basis": "Meeting date",
          "summary": "The Council unanimously passed the motion to waive the 45-day comment period.",
          "motion_id": "ct-iac-2025-09-10-hg-comment-waiver",
          "actors": [
            {
              "name": "Philip Zecher",
              "action": "Called for the motion and vote"
            },
            {
              "name": "D. Ellen Shuman",
              "action": "Moved the waiver"
            },
            {
              "name": "Chris Murphy",
              "action": "Seconded the waiver"
            },
            {
              "name": "Investment Advisory Council",
              "action": "Passed the waiver"
            }
          ],
          "citations": [
            {
              "source_type": "official_document",
              "source_path": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/111220259102025minutesfinal.pdf?rev=ca252807fd2f4a5c8bf46820dc261a35&hash=7DCD792C9550FDBA9BE2B3A2FE789F78#page=3",
              "label": "September 10 IAC minutes · p. 3"
            }
          ]
        },
        {
          "kind": "reported_decision",
          "date": "2025-11-12",
          "date_basis": "Date reported to the Council",
          "summary": "The Treasurer’s Office reported a decision to commit up to €75 million.",
          "amount_kind": "commitment_cap",
          "amount_display": "€75 million",
          "actors": [
            {
              "name": "Office of the State Treasurer",
              "action": "Decision-maker as reported"
            },
            {
              "name": "Treasurer Erick Russell",
              "action": "Announced the decision"
            }
          ],
          "citations": [
            {
              "source_type": "official_document",
              "source_path": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/01132026meetingmaterialsiacmeeting01142026.pdf?hash=533C0247869DAB44927AB524D2EB87A6&rev=53c4cd3ee58540daa021496769318081",
              "label": "November 12 IAC minutes · Comments by the Treasurer"
            }
          ]
        },
        {
          "kind": "reported_closing",
          "date": null,
          "date_basis": "November 2025 pacing report",
          "summary": "The private equity pacing table marks Hg Genesis 11 closed. The table gives a reported status.",
          "actors": [],
          "citations": [
            {
              "source_type": "official_document",
              "source_path": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/11062025meetingmaterialsiacmeetingnovember122025.pdf?hash=FFDBC7B440E391287604561D414F8120&rev=88eb22b90ca84d7cb380ff71f3f85828",
              "label": "November IAC packet · 2025 Strategic Pacing Plan, private equity"
            }
          ]
        }
      ]
    },
    {
      "slug": "hg-ct1-co-invest",
      "name": "Hg CT1 Co-Investment, L.P.",
      "program": "Private equity",
      "docket": "hg",
      "decision_amount": "$75 million",
      "additional": true,
      "closing_alias": "Hg CT1 Co-Invest",
      "selection_rationale": "Staff highlighted the co-investment vehicle’s fee structure and the potential for stronger net returns through an existing manager.",
      "recommended_amount": "$75 million",
      "events": [
        {
          "kind": "due_diligence",
          "date": null,
          "date_basis": "Documented in the September packet",
          "summary": "Staff highlighted the co-investment vehicle’s fee structure and the potential for stronger net returns through an existing manager.",
          "actors": [
            {
              "name": "Connecticut Pension Funds Management",
              "action": "Conducted due diligence"
            },
            {
              "name": "Hamilton Lane",
              "action": "Conducted due diligence"
            }
          ],
          "citations": [
            {
              "source_type": "official_document",
              "source_path": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/090825meetingmaterialsiac.pdf?hash=858D9E91DC8B1831FD70DF1368B99F19&rev=ecbba7313f7144a7b7fd2b375b272e67",
              "label": "September IAC materials · private equity recommendations"
            }
          ]
        },
        {
          "kind": "agenda",
          "date": "2025-09-04",
          "date_basis": "Agenda memorandum date",
          "summary": "The Treasurer and Council Secretary circulated the agenda naming the staff presenters.",
          "actors": [
            {
              "name": "Treasurer Erick Russell",
              "action": "Issued the agenda memorandum"
            }
          ],
          "citations": [
            {
              "source_type": "official_document",
              "source_path": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/090425iacagenda.pdf?rev=e2d6fcda82714e528265c919181e1548",
              "label": "September 10, 2025 IAC agenda · presenting staff"
            }
          ]
        },
        {
          "kind": "recommendation",
          "date": "2025-09-10",
          "date_basis": "Meeting packet",
          "summary": "The CIO recommended consideration of up to an additional $75 million.",
          "amount_kind": "recommended_commitment",
          "amount_display": "$75 million",
          "actors": [
            {
              "name": "Ted Wright",
              "action": "CIO named in the meeting record; recommendation attributed to the CIO role"
            }
          ],
          "citations": [
            {
              "source_type": "official_document",
              "source_path": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/090825meetingmaterialsiac.pdf?hash=858D9E91DC8B1831FD70DF1368B99F19&rev=ecbba7313f7144a7b7fd2b375b272e67",
              "label": "September IAC materials · private equity recommendations"
            },
            {
              "source_type": "official_document",
              "source_path": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/090425iacagenda.pdf?rev=e2d6fcda82714e528265c919181e1548",
              "label": "September 10, 2025 IAC agenda · presenting staff"
            }
          ]
        },
        {
          "kind": "presentation",
          "date": "2025-09-10",
          "date_basis": "Meeting date",
          "summary": "The minutes record that two investment staff members presented the opportunity.",
          "actors": [
            {
              "name": "Mark Evans",
              "action": "Presented"
            },
            {
              "name": "Kan Zuo",
              "action": "Presented"
            }
          ],
          "citations": [
            {
              "source_type": "official_document",
              "source_path": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/111220259102025minutesfinal.pdf?rev=ca252807fd2f4a5c8bf46820dc261a35&hash=7DCD792C9550FDBA9BE2B3A2FE789F78#page=3",
              "label": "September 10 IAC minutes · p. 3"
            }
          ]
        },
        {
          "kind": "comment_waiver",
          "date": "2025-09-10",
          "date_basis": "Meeting date",
          "summary": "The Council unanimously passed the motion to waive the 45-day comment period.",
          "motion_id": "ct-iac-2025-09-10-hg-comment-waiver",
          "actors": [
            {
              "name": "Philip Zecher",
              "action": "Called for the motion and vote"
            },
            {
              "name": "D. Ellen Shuman",
              "action": "Moved the waiver"
            },
            {
              "name": "Chris Murphy",
              "action": "Seconded the waiver"
            },
            {
              "name": "Investment Advisory Council",
              "action": "Passed the waiver"
            }
          ],
          "citations": [
            {
              "source_type": "official_document",
              "source_path": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/111220259102025minutesfinal.pdf?rev=ca252807fd2f4a5c8bf46820dc261a35&hash=7DCD792C9550FDBA9BE2B3A2FE789F78#page=3",
              "label": "September 10 IAC minutes · p. 3"
            }
          ]
        },
        {
          "kind": "reported_decision",
          "date": "2025-11-12",
          "date_basis": "Date reported to the Council",
          "summary": "The Treasurer’s Office reported a decision to commit up to an additional $75 million.",
          "amount_kind": "commitment_cap",
          "amount_display": "$75 million",
          "actors": [
            {
              "name": "Office of the State Treasurer",
              "action": "Decision-maker as reported"
            },
            {
              "name": "Treasurer Erick Russell",
              "action": "Announced the decision"
            }
          ],
          "citations": [
            {
              "source_type": "official_document",
              "source_path": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/01132026meetingmaterialsiacmeeting01142026.pdf?hash=533C0247869DAB44927AB524D2EB87A6&rev=53c4cd3ee58540daa021496769318081",
              "label": "November 12 IAC minutes · Comments by the Treasurer"
            }
          ]
        },
        {
          "kind": "reported_closing",
          "date": null,
          "date_basis": "November 2025 pacing report",
          "summary": "The private equity pacing table marks Hg CT1 Co-Invest closed. The table gives a reported status.",
          "actors": [],
          "citations": [
            {
              "source_type": "official_document",
              "source_path": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/11062025meetingmaterialsiacmeetingnovember122025.pdf?hash=FFDBC7B440E391287604561D414F8120&rev=88eb22b90ca84d7cb380ff71f3f85828",
              "label": "November IAC packet · 2025 Strategic Pacing Plan, private equity"
            }
          ]
        }
      ]
    },
    {
      "slug": "sixth-street-europe-iii",
      "name": "Sixth Street Specialty Lending Europe III (A), L.P.",
      "program": "Private credit",
      "docket": "sixth",
      "decision_amount": "$300 million",
      "additional": false,
      "closing_alias": null,
      "selection_rationale": "Staff sought European senior private credit exposure. The memo cites prior fund performance, Sixth Street’s origination network and flexibility across transaction sizes, capital structures and geographies.",
      "recommended_amount": "$300 million",
      "events": [
        {
          "kind": "due_diligence",
          "date": null,
          "date_basis": "Documented in the September packet",
          "summary": "Staff sought European senior private credit exposure. The memo cites prior fund performance, Sixth Street’s origination network and flexibility across transaction sizes, capital structures and geographies.",
          "actors": [
            {
              "name": "Connecticut Pension Funds Management",
              "action": "Conducted due diligence"
            },
            {
              "name": "Hamilton Lane",
              "action": "Conducted due diligence"
            }
          ],
          "citations": [
            {
              "source_type": "official_document",
              "source_path": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/091025meetingmaterials-final.pdf?hash=628240FB40F5314D42C35429E32AC169&rev=565e7130514743cea0afd6034980e416",
              "label": "September IAC materials · Sixth Street executive summary and feeder footnote"
            }
          ]
        },
        {
          "kind": "agenda",
          "date": "2025-09-04",
          "date_basis": "Agenda memorandum date",
          "summary": "The Treasurer and Council Secretary circulated the agenda naming the staff presenters.",
          "actors": [
            {
              "name": "Treasurer Erick Russell",
              "action": "Issued the agenda memorandum"
            }
          ],
          "citations": [
            {
              "source_type": "official_document",
              "source_path": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/090425iacagenda.pdf?rev=e2d6fcda82714e528265c919181e1548",
              "label": "September 10, 2025 IAC agenda · presenting staff"
            }
          ]
        },
        {
          "kind": "recommendation",
          "date": "2025-09-10",
          "date_basis": "Meeting packet",
          "summary": "The CIO recommended consideration of up to $300 million.",
          "amount_kind": "recommended_commitment",
          "amount_display": "$300 million",
          "actors": [
            {
              "name": "Ted Wright",
              "action": "CIO named in the meeting record; recommendation attributed to the CIO role"
            }
          ],
          "citations": [
            {
              "source_type": "official_document",
              "source_path": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/091025meetingmaterials-final.pdf?hash=628240FB40F5314D42C35429E32AC169&rev=565e7130514743cea0afd6034980e416",
              "label": "September IAC materials · Sixth Street executive summary and feeder footnote"
            },
            {
              "source_type": "official_document",
              "source_path": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/090425iacagenda.pdf?rev=e2d6fcda82714e528265c919181e1548",
              "label": "September 10, 2025 IAC agenda · presenting staff"
            }
          ]
        },
        {
          "kind": "presentation",
          "date": "2025-09-10",
          "date_basis": "Meeting date",
          "summary": "The minutes record that two investment staff members presented the opportunity.",
          "actors": [
            {
              "name": "Mark Evans",
              "action": "Presented"
            },
            {
              "name": "Kan Zuo",
              "action": "Presented"
            }
          ],
          "citations": [
            {
              "source_type": "official_document",
              "source_path": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/111220259102025minutesfinal.pdf?rev=ca252807fd2f4a5c8bf46820dc261a35&hash=7DCD792C9550FDBA9BE2B3A2FE789F78#page=3",
              "label": "September 10 IAC minutes · pp. 3–4"
            }
          ]
        },
        {
          "kind": "comment_waiver",
          "date": "2025-09-10",
          "date_basis": "Meeting date",
          "summary": "The Council unanimously passed the motion to waive the 45-day comment period.",
          "motion_id": "ct-iac-2025-09-10-sixth-street-comment-waiver",
          "actors": [
            {
              "name": "Philip Zecher",
              "action": "Called for the motion and vote"
            },
            {
              "name": "William Myers",
              "action": "Moved the waiver"
            },
            {
              "name": "Chris Murphy",
              "action": "Seconded the waiver"
            },
            {
              "name": "Investment Advisory Council",
              "action": "Passed the waiver"
            }
          ],
          "citations": [
            {
              "source_type": "official_document",
              "source_path": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/111220259102025minutesfinal.pdf?rev=ca252807fd2f4a5c8bf46820dc261a35&hash=7DCD792C9550FDBA9BE2B3A2FE789F78#page=3",
              "label": "September 10 IAC minutes · pp. 3–4"
            }
          ]
        },
        {
          "kind": "reported_decision",
          "date": "2025-11-12",
          "date_basis": "Date reported to the Council",
          "summary": "The Treasurer’s Office reported a decision to commit up to $300 million.",
          "amount_kind": "commitment_cap",
          "amount_display": "$300 million",
          "actors": [
            {
              "name": "Office of the State Treasurer",
              "action": "Decision-maker as reported"
            },
            {
              "name": "Treasurer Erick Russell",
              "action": "Announced the decision"
            }
          ],
          "citations": [
            {
              "source_type": "official_document",
              "source_path": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/01132026meetingmaterialsiacmeeting01142026.pdf?hash=533C0247869DAB44927AB524D2EB87A6&rev=53c4cd3ee58540daa021496769318081",
              "label": "November 12 IAC minutes · Comments by the Treasurer"
            }
          ]
        }
      ],
      "vehicle_scope": {
        "recommendation": "USD feeder of the levered sleeve",
        "decision": "Sixth Street Specialty Lending Europe III (A), L.P.",
        "connecticut_closing_status": "unconfirmed",
        "citations": [
          {
            "source_type": "official_document",
            "source_path": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/091025meetingmaterials-final.pdf?hash=628240FB40F5314D42C35429E32AC169&rev=565e7130514743cea0afd6034980e416",
            "label": "September IAC materials · Sixth Street executive summary and feeder footnote"
          },
          {
            "source_type": "official_document",
            "source_path": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/01132026meetingmaterialsiacmeeting01142026.pdf?hash=533C0247869DAB44927AB524D2EB87A6&rev=53c4cd3ee58540daa021496769318081",
            "label": "November 12 IAC minutes · Comments by the Treasurer"
          },
          {
            "source_type": "transaction_counsel",
            "source_path": "https://www.clearygottlieb.com/news-and-insights/news-listing/sixth-street-forms-sle-iii",
            "label": "Cleary Gottlieb · Sixth Street fund formation and final close"
          }
        ]
      }
    }
  ],
  "dockets": {
    "hg": {
      "recommendation": "hg_recommendation",
      "minutes": "hg_minutes",
      "motion_id": "ct-iac-2025-09-10-hg-comment-waiver",
      "mover": "D. Ellen Shuman"
    },
    "sixth": {
      "recommendation": "sixth_recommendation",
      "minutes": "sixth_minutes",
      "motion_id": "ct-iac-2025-09-10-sixth-street-comment-waiver",
      "mover": "William Myers"
    }
  },
  "people": {
    "Mark Evans": {
      "title": "Principal Investment Officer",
      "affiliation": "Connecticut Pension Funds Management, Office of the State Treasurer",
      "citations": [
        {
          "source_type": "official_document",
          "source_path": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/090425iacagenda.pdf?rev=e2d6fcda82714e528265c919181e1548",
          "label": "September 10, 2025 IAC agenda · presenting staff"
        },
        {
          "source_type": "official_document",
          "source_path": "https://portal.ct.gov/OTT/Pension-Funds/Overview",
          "label": "Connecticut Pension Funds Management · division overview"
        }
      ]
    },
    "Kan Zuo": {
      "title": "Investment Officer",
      "affiliation": "Connecticut Pension Funds Management, Office of the State Treasurer",
      "citations": [
        {
          "source_type": "official_document",
          "source_path": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/090425iacagenda.pdf?rev=e2d6fcda82714e528265c919181e1548",
          "label": "September 10, 2025 IAC agenda · presenting staff"
        },
        {
          "source_type": "official_document",
          "source_path": "https://portal.ct.gov/OTT/Pension-Funds/Overview",
          "label": "Connecticut Pension Funds Management · division overview"
        }
      ]
    },
    "Philip Zecher": {
      "title": "Investment Advisory Council Chair",
      "affiliation": "Governor’s representative · appointed by Governor Ned Lamont",
      "citations": [
        {
          "source_type": "official_document",
          "source_path": "https://portal.ct.gov/-/media/ott/newsroom/reports/010220262025annualreportfinal123125.pdf?rev=f153048b811e4b20a8c9a3099c2e19ac",
          "label": "Treasurer’s FY2025 annual report · Council membership"
        },
        {
          "source_type": "official_document",
          "source_path": "https://portal.ct.gov/governor/news/press-releases/2024/09-2024/governor-lamont-names-philip-zecher-as-chair-of-the-connecticut-investment-advisory-council",
          "label": "Governor Lamont · Zecher chair appointment"
        }
      ]
    },
    "D. Ellen Shuman": {
      "title": "Investment Advisory Council Member",
      "affiliation": "Representative of the Connecticut Senate President Pro Tempore",
      "citations": [
        {
          "source_type": "official_document",
          "source_path": "https://portal.ct.gov/-/media/ott/newsroom/reports/010220262025annualreportfinal123125.pdf?rev=f153048b811e4b20a8c9a3099c2e19ac",
          "label": "Treasurer’s FY2025 annual report · Council membership"
        }
      ]
    },
    "Chris Murphy": {
      "title": "Investment Advisory Council Member",
      "affiliation": "Representative of the Connecticut State Senate Minority Leader",
      "citations": [
        {
          "source_type": "official_document",
          "source_path": "https://portal.ct.gov/-/media/ott/newsroom/reports/010220262025annualreportfinal123125.pdf?rev=f153048b811e4b20a8c9a3099c2e19ac",
          "label": "Treasurer’s FY2025 annual report · Council membership"
        }
      ],
      "professional_background": {
        "title": "Senior Managing Director and Head of Private Equity",
        "affiliation": "Hartford Investment Management",
        "date_basis": "Role listed in Connecticut’s published biography",
        "citations": [
          {
            "source_type": "official_document",
            "source_path": "https://portal.ct.gov/ott/pension-funds/investment-advisory-council/chris-murphy",
            "label": "Connecticut IAC · Chris Murphy biography"
          }
        ]
      }
    },
    "William Myers": {
      "title": "Investment Advisory Council Member",
      "affiliation": "State teachers’ union representative · Connecticut Education Association",
      "citations": [
        {
          "source_type": "official_document",
          "source_path": "https://portal.ct.gov/-/media/ott/newsroom/reports/010220262025annualreportfinal123125.pdf?rev=f153048b811e4b20a8c9a3099c2e19ac",
          "label": "Treasurer’s FY2025 annual report · Council membership"
        }
      ]
    },
    "Treasurer Erick Russell": {
      "title": "Connecticut State Treasurer · ex officio Council member",
      "affiliation": "Office of the State Treasurer",
      "citations": [
        {
          "source_type": "official_document",
          "source_path": "https://portal.ct.gov/-/media/ott/newsroom/reports/010220262025annualreportfinal123125.pdf?rev=f153048b811e4b20a8c9a3099c2e19ac",
          "label": "Treasurer’s FY2025 annual report · Council membership"
        }
      ]
    },
    "Ted Wright": {
      "title": "Chief Investment Officer",
      "affiliation": "Connecticut Pension Funds Management, Office of the State Treasurer",
      "citations": [
        {
          "source_type": "official_document",
          "source_path": "https://portal.ct.gov/-/media/ott/pension-funds/investment-advisory-council/090425iacagenda.pdf?rev=e2d6fcda82714e528265c919181e1548",
          "label": "September 10, 2025 IAC agenda · presenting staff"
        },
        {
          "source_type": "official_document",
          "source_path": "https://portal.ct.gov/OTT/Pension-Funds/Overview",
          "label": "Connecticut Pension Funds Management · division overview"
        }
      ]
    }
  },
  "authority_context": {
    "summary": "Connecticut’s published investment policy describes a Council review and comment period that can be waived by vote, and assigns negotiation to the Treasurer or a designee. It also describes conditional Council approval for certain private equity and real estate investments.",
    "citations": [
      {
        "source_type": "official_document",
        "source_path": "https://portal.ct.gov/-/media/ott/pension-funds/investment-policy/022323ipsapprovedrevised.pdf?rev=7997e71b280b42569387476325555e02#page=4",
        "label": "Connecticut investment policy statement · Treasurer and Council responsibilities"
      }
    ]
  },
  "selection_context": {
    "summary": "Treasury describes several possible sourcing routes, including bidding, manager databases, consultants, referrals and outreach. The published materials for these four vehicles establish the diligence teams and rationale. The first contact, full candidate list and internal presenter assignment are undisclosed in those records.",
    "citations": [
      {
        "source_type": "official_document",
        "source_path": "https://portal.ct.gov/ott/doing-business/selection-criteria",
        "label": "Connecticut Treasury · manager selection criteria"
      }
    ]
  }
}