Investment pools
Connecticut Retirement Plans and Trust Funds
Combined retirement plans and trust funds
Connecticut Teachers’ Retirement Fund · Connecticut State Employees’ Retirement Fund · Connecticut Municipal Employees’ Retirement Fund
Allocation as of · Allocation report ↗
Net market value$73.7B
Where the fund is invested
Select a band to explore its allocation.
Total fund$73.7B
Connecticut reports rounded sleeve weights. The chart uses approximate sleeve dollars, so the displayed rows sum to more than the reported total.
Allocation by sleeve
The September IAC packet reports $73.7B total net assets and rounded June 2026 allocation weights. Sleeve dollars are approximate (rounded weight × total), and weights sum to 101% due to rounding. Targets reflect the policy in force in the packet; its proposed replacement is still under review. Sub-sleeve and manager figures carry their own reporting dates.
Allocation targets ↗| Sleeve | Market value | Actual | Target | Vs target | Policy range | Above min. | Below max. |
|---|---|---|---|---|---|---|---|
| Global Equity | $37.6B | 51% | 37% | +14 pp | — | — | — |
| Global Fixed Income | $12.5B | 17% | 15% | +2 pp | — | — | — |
| Private Equity | $8.8B | 12% | 15% | −3 pp | — | — | — |
| Private Credit | $4.4B | 6% | 10% | −4 pp | — | — | — |
| Real Estate | $4.4B | 6% | 10% | −4 pp | — | — | — |
| Infrastructure and Natural Resources | $2.9B | 4% | 7% | −3 pp | — | — | — |
| Absolute Return | $1.5B | 2% | 5% | −3 pp | — | — | — |
| Liquidity Fund | $2.2B | 3% | 1% | +2 pp | — | — | — |
Rebalancing policy and actions
- The Treasurer reviews asset allocation at least quarterly, and the Investment Advisory Council reviews it at least annually.
- The CIO may rebalance at discretion. Rebalancing plans consider the size of deviations, liquidity, market conditions and transaction costs.
- Fiscal-year positioning
The IAC fiscal-year review reports 34 new and increased private-market commitments totaling about $6.2B as Connecticut continued moving toward strategic targets.
Source ↗
Commitments are shown separately from invested market values.
Managers by sleeve
The September IAC packet gives March 2026 top-ten private-market disclosures. Public-market advisor balances come from the June 2025 annual report. Advisor shares are of their named Combined Investment Fund.
Global Equity21 roster entries
Sub-sleeves and exposures
- Domestic Equity Source ↗Market value · $20.47B · 60.9% of Global Equity ·
- Developed Markets Equity Source ↗Market value · $9.24B · 27.5% of Global Equity ·
- Emerging Markets Equity Source ↗Market value · $3.89B · 11.6% of Global Equity ·
- Domestic Equity · Large Cap Source ↗Net assets · $17.86B · 94.21% of Domestic Equity CIF ·
- Domestic Equity · Micro/Small/Mid Cap Source ↗Net assets · $1.1B · 5.79% of Domestic Equity CIF ·
- Developed Markets Equity · Value Weight calculated using the CIF subtotal. The reported category percentage differs. · Source ↗Net assets · $1.45B · 17.55% of Developed Markets Equity CIF ·
- Developed Markets Equity · Core Source ↗Net assets · $5.71B · 69.13% of Developed Markets Equity CIF ·
- Developed Markets Equity · Active-Growth Source ↗Net assets · $1.08B · 13.13% of Developed Markets Equity CIF ·
Reported roster
- Blackrock R1000 Enhanced Domestic Equity · Large Cap · Investment manager · Enhanced - Index · Source ↗Net assets · $250.0M · 1.32% of Domestic Equity CIF ·
- Rhumbline Advisers Domestic Equity · Large Cap · Investment manager · Passive - Indexed · Source ↗Net assets · $6.31B · 33.29% of Domestic Equity CIF ·
- T Rowe Price Associates Domestic Equity · Large Cap · Investment manager · Enhanced - Index · Source ↗Net assets · $8.36B · 44.09% of Domestic Equity CIF ·
- Xponance Asset Management Domestic Equity · Large Cap · Investment manager · Passive - Indexed · Source ↗Net assets · $2.94B · 15.5% of Domestic Equity CIF ·
- Ariel Investments Domestic Equity · Micro/Small/Mid Cap · Investment manager · Active Specialist · Source ↗Net assets · $150.0M · 0.79% of Domestic Equity CIF ·
- Channing Capital Management Domestic Equity · Micro/Small/Mid Cap · Investment manager · Active Specialist · Source ↗Net assets · $203.3M · 1.07% of Domestic Equity CIF ·
- Leading Edge Investment Advisors Domestic Equity · Micro/Small/Mid Cap · Investment manager · Active Specialist · Source ↗Net assets · $253.1M · 1.34% of Domestic Equity CIF ·
- Lord Abbett Domestic Equity · Micro/Small/Mid Cap · Investment manager · Active Specialist · Source ↗Net assets · $116.2M · 0.61% of Domestic Equity CIF ·
- Wellington Management Domestic Equity · Micro/Small/Mid Cap · Investment manager · Active Specialist · Source ↗Net assets · $367.7M · 1.94% of Domestic Equity CIF ·
- Causeway Capital Management Developed Markets Equity · Value · Investment manager · Active Specialist · Source ↗Net assets · $1.45B · 17.55% of Developed Markets Equity CIF ·
- Acadian Asset Management Developed Markets Equity · Core · Investment manager · Active Core · Source ↗Net assets · $1.14B · 13.75% of Developed Markets Equity CIF ·
- Blackrock EAFE Developed Markets Equity · Core · Investment manager · Active Core · Source ↗Net assets · $1.39B · 16.85% of Developed Markets Equity CIF ·
- State Street EAFE Developed Markets Equity · Core · Investment manager · Active Core · Source ↗Net assets · $3.07B · 37.11% of Developed Markets Equity CIF ·
- T Rowe Price Developed Markets Equity · Core · Investment manager · Active Core · Source ↗Net assets · $117.2M · 1.42% of Developed Markets Equity CIF ·
- Pinestone Capital Developed Markets Equity · Active-Growth · Investment manager · Active Specialist · Source ↗Net assets · $1.08B · 13.13% of Developed Markets Equity CIF ·
- Arga Investment Management Emerging Markets Equity · Investment manager · Active Specialist · Source ↗Net assets · $939.0M · 27.14% of Emerging Markets Equity CIF ·
- Driehaus Capital Management Emerging Markets Equity · Investment manager · Active Specialist · Source ↗Net assets · $742.3M · 21.45% of Emerging Markets Equity CIF ·
- GQG Partners Emerging Markets Equity · Investment manager · Active Specialist · Source ↗Net assets · $721.4M · 20.85% of Emerging Markets Equity CIF ·
- Schroders Investment Mgmt Emerging Markets Equity · Investment manager · Active Specialist · Source ↗Net assets · $682.5M · 19.73% of Emerging Markets Equity CIF ·
- Nipun Capital Emerging Markets Equity · Investment manager · Active Specialist · Source ↗Net assets · $157.1M · 4.54% of Emerging Markets Equity CIF ·
- The RockCreek Group Emerging Markets Equity · Investment manager · Active Specialist · Source ↗Net assets · $208.0M · 6.01% of Emerging Markets Equity CIF ·
Global Fixed Income16 roster entries
Sub-sleeves and exposures
- Core Fixed Income Source ↗Market value · $9.45B · 14% of CRPTF ·
- Non-Core Fixed Income Source ↗Market value · $3.27B · 5% of CRPTF ·
- Core Source ↗Approx. market value · $6.39B · 67.6% of Core Fixed Income ·
- Mortgage-Backed Securities Source ↗Approx. market value · $1.36B · 14.4% of Core Fixed Income ·
- Credit Source ↗Approx. market value · $1.56B · 16.5% of Core Fixed Income ·
- Core Plus Source ↗Approx. market value · $132.0M · 1.4% of Core Fixed Income ·
Reported roster
- Goodwin Capital Advisers Core Fixed Income · Investment manager · Active Core · Source ↗Net assets · $613.3M · 7.2% of Core Fixed Income CIF ·
- Longfellow Investment Mgmt Core Fixed Income · Investment manager · Active Core · Source ↗Net assets · $499.4M · 5.87% of Core Fixed Income CIF ·
- Pinebridge Investments Core Fixed Income · Investment manager · Active Core · Source ↗Net assets · $648.4M · 7.62% of Core Fixed Income CIF ·
- Pugh Capital Management Core Fixed Income · Investment manager · Active Core · Source ↗Net assets · $486.4M · 5.71% of Core Fixed Income CIF ·
- State Street U.S. Treasury Core Fixed Income · Investment manager · Passive · Source ↗Net assets · $3.44B · 40.41% of Core Fixed Income CIF ·
- TCW Asset Management Core Fixed Income · Investment manager · Active Core · Source ↗Net assets · $1.18B · 13.81% of Core Fixed Income CIF ·
- The RockCreek Group Core Fixed Income · Investment manager · Active Sector · Source ↗Net assets · $506.2M · 5.95% of Core Fixed Income CIF ·
- Wellington Management Core Fixed Income · Investment manager · Active Core · Source ↗Net assets · $1.13B · 13.26% of Core Fixed Income CIF ·
- Columbia Threadneedle Non-Core Fixed Income · Investment manager · Active High Yield · Source ↗Net assets · $507.9M · 16.43% of Non-Core Fixed Income CIF ·
- Nomura Asset Management Non-Core Fixed Income · Investment manager · Active High Yield · Source ↗Net assets · $726.0M · 23.48% of Non-Core Fixed Income CIF ·
- Payden & Rygel Non-Core Fixed Income · Investment manager · Active Emerging Markets · Source ↗Net assets · $288.7M · 9.34% of Non-Core Fixed Income CIF ·
- PIMCO Non-Core Fixed Income · Investment manager · Active Emerging Markets · Source ↗Net assets · $314.3M · 10.16% of Non-Core Fixed Income CIF ·
- Polen Capital Non-Core Fixed Income · Investment manager · Active High Yield · Source ↗Net assets · $262.5M · 8.49% of Non-Core Fixed Income CIF ·
- Shenkman Capital Management Non-Core Fixed Income · Investment manager · Active High Yield · Source ↗Net assets · $820.0M · 26.52% of Non-Core Fixed Income CIF ·
- Shenkman CBO Opportunity Fund I, L.P. Non-Core Fixed Income · Investment manager · Fund vehicle · Source ↗Net assets · $28.8M · 0.93% of Non-Core Fixed Income CIF ·
- The RockCreek Group Non-Core Fixed Income · Investment manager · Active High Yield · Source ↗Net assets · $124.2M · 4.02% of Non-Core Fixed Income CIF ·
Private Equity10 roster entries
Sub-sleeves and exposures
- Buyout Estimated from the packet’s rounded strategy share and sleeve NAV. · Source ↗Approx. NAV · $5.57B · 68% of Private Equity NAV ·
- Growth Equity Estimated from the packet’s rounded strategy share and sleeve NAV. · Source ↗Approx. NAV · $574.0M · 7% of Private Equity NAV ·
- Venture Capital Estimated from the packet’s rounded strategy share and sleeve NAV. · Source ↗Approx. NAV · $656.0M · 8% of Private Equity NAV ·
- Secondaries and Opportunistic Estimated from the packet’s rounded strategy share and sleeve NAV. · Source ↗Approx. NAV · $1.39B · 17% of Private Equity NAV ·
Reported roster
- HarbourVest Partners General partner · Source ↗Market value · $1.77B · 21.6% of Private Equity market value ·
- Hg Capital General partner · Source ↗Market value · $476.0M · 5.8% of Private Equity market value ·
- Ardian General partner · Source ↗Market value · $398.0M · 4.9% of Private Equity market value ·
- Clearlake Capital Group General partner · Source ↗Market value · $454.0M · 5.5% of Private Equity market value ·
- Fairview Capital General partner · Source ↗Market value · $584.0M · 7.1% of Private Equity market value ·
- Hollyport Capital General partner · Source ↗Market value · $376.0M · 4.6% of Private Equity market value ·
- GCM Grosvenor General partner · Source ↗Market value · $81.0M · 1% of Private Equity market value ·
- Strategic Value Partners General partner · Source ↗Market value · $212.0M · 2.6% of Private Equity market value ·
- Vista Equity Partners General partner · Source ↗Market value · $371.0M · 4.5% of Private Equity market value ·
- Leeds Equity Partners General partner · Source ↗Market value · $259.0M · 3.2% of Private Equity market value ·
Private Credit10 roster entries · 2 later disclosures
Sub-sleeves and exposures
- Senior Credit Estimated from the packet’s rounded strategy share and sleeve NAV. · Source ↗Approx. NAV · $2.54B · 63% of Private Credit NAV ·
- Mezzanine Estimated from the packet’s rounded strategy share and sleeve NAV. · Source ↗Approx. NAV · $806.0M · 20% of Private Credit NAV ·
- Special Situations Estimated from the packet’s rounded strategy share and sleeve NAV. · Source ↗Approx. NAV · $685.0M · 17% of Private Credit NAV ·
- Other Estimated from the packet’s rounded strategy share and sleeve NAV. · Source ↗Approx. NAV · $0B · 0% of Private Credit NAV ·
Reported roster
- ICG General partner · Source ↗Market value · $665.0M · 16.5% of Private Credit market value ·
- HarbourVest Partners General partner · Source ↗Market value · $727.0M · 18.1% of Private Credit market value ·
- Sixth Street Advisers General partner · Source ↗Market value · $424.0M · 10.5% of Private Credit market value ·
- Crescent Capital Group General partner · Source ↗Market value · $558.0M · 13.9% of Private Credit market value ·
- SLR Capital Partners General partner · Source ↗Market value · $187.0M · 4.7% of Private Credit market value ·
- Fortress Investment Group General partner · Source ↗Market value · $342.0M · 8.5% of Private Credit market value ·
- The Rock Creek Group General partner · Source ↗Market value · $72.0M · 1.8% of Private Credit market value ·
- Oaktree Capital Management General partner · Source ↗Market value · $119.0M · 2.9% of Private Credit market value ·
- Anchorage Capital Group General partner · Source ↗Market value · $169.0M · 4.2% of Private Credit market value ·
- OSP General partner · Source ↗Market value · $171.0M · 4.2% of Private Credit market value ·
Real Estate10 roster entries
Sub-sleeves and exposures
- Core Estimated from the packet’s rounded strategy share and sleeve NAV. · Source ↗Approx. NAV · $1.06B · 24% of Real Estate NAV ·
- Core Plus Estimated from the packet’s rounded strategy share and sleeve NAV. · Source ↗Approx. NAV · $968.0M · 22% of Real Estate NAV ·
- Value-Added Estimated from the packet’s rounded strategy share and sleeve NAV. · Source ↗Approx. NAV · $1.41B · 32% of Real Estate NAV ·
- Opportunistic Estimated from the packet’s rounded strategy share and sleeve NAV. · Source ↗Approx. NAV · $836.0M · 19% of Real Estate NAV ·
- Cash Estimated from the packet’s rounded strategy share and sleeve NAV. · Source ↗Approx. NAV · $88.0M · 2% of Real Estate NAV ·
Reported roster
- Barings RE Advisers General partner · March NAV and August exposure share have different denominators. · Source ↗Mar 2026 NAV · $394.0M · 14.4% of sleeve exposure incl. unfunded and pending (Aug 2026) ·
- GCM Grosvenor General partner · March NAV and August exposure share have different denominators. · Source ↗Mar 2026 NAV · $164.0M · 8.9% of sleeve exposure incl. unfunded and pending (Aug 2026) ·
- Carlyle Investment Mgmt General partner · March NAV and August exposure share have different denominators. · Source ↗Mar 2026 NAV · $342.0M · 8.8% of sleeve exposure incl. unfunded and pending (Aug 2026) ·
- Blue Owl RE Capital General partner · March NAV and August exposure share have different denominators. · Source ↗Mar 2026 NAV · $517.0M · 8.4% of sleeve exposure incl. unfunded and pending (Aug 2026) ·
- Morgan Stanley General partner · March NAV and August exposure share have different denominators. · Source ↗Mar 2026 NAV · $410.0M · 7.4% of sleeve exposure incl. unfunded and pending (Aug 2026) ·
- Clarion Partners General partner · March NAV and August exposure share have different denominators. · Source ↗Mar 2026 NAV · $290.0M · 6% of sleeve exposure incl. unfunded and pending (Aug 2026) ·
- Basis Investment Group General partner · March NAV and August exposure share have different denominators. · Source ↗Mar 2026 NAV · $175.0M · 5.2% of sleeve exposure incl. unfunded and pending (Aug 2026) ·
- Sterling Organization General partner · March NAV and August exposure share have different denominators. · Source ↗Mar 2026 NAV · $167.0M · 4.2% of sleeve exposure incl. unfunded and pending (Aug 2026) ·
- Mesirow RE-IA, Inc. General partner · March NAV and August exposure share have different denominators. · Source ↗Mar 2026 NAV · $182.0M · 3.2% of sleeve exposure incl. unfunded and pending (Aug 2026) ·
- Ares Management General partner · March NAV and August exposure share have different denominators. · Source ↗Mar 2026 NAV · $132.0M · 3.2% of sleeve exposure incl. unfunded and pending (Aug 2026) ·
Infrastructure and Natural Resources10 roster entries · 1 later disclosures
Sub-sleeves and exposures
- Core Infrastructure Estimated from the packet’s rounded strategy share and sleeve NAV. · Source ↗Approx. NAV · $1.01B · 39% of Infrastructure and Natural Resources NAV ·
- Non-Core Infrastructure Estimated from the packet’s rounded strategy share and sleeve NAV. · Source ↗Approx. NAV · $1.59B · 61% of Infrastructure and Natural Resources NAV ·
Reported roster
- I Squared Capital Advisors (US) LLC General partner · March NAV and August exposure share have different denominators. · Source ↗Mar 2026 NAV · $266.0M · 16.8% of sleeve exposure incl. unfunded and pending (Aug 2026) ·
- BlackRock Alternatives Management, LLC General partner · March NAV and August exposure share have different denominators. · Source ↗Mar 2026 NAV · $521.0M · 15.5% of sleeve exposure incl. unfunded and pending (Aug 2026) ·
- IFM Investors (US) Advisor, LLC General partner · March NAV and August exposure share have different denominators. · Source ↗Mar 2026 NAV · $398.0M · 12.9% of sleeve exposure incl. unfunded and pending (Aug 2026) ·
- Morgan Stanley Investment Management General partner · March NAV and August exposure share have different denominators. · Source ↗Mar 2026 NAV · $276.0M · 11.6% of sleeve exposure incl. unfunded and pending (Aug 2026) ·
- Axium Infrastructure US INC General partner · March NAV and August exposure share have different denominators. · Source ↗Mar 2026 NAV · $210.0M · 7.2% of sleeve exposure incl. unfunded and pending (Aug 2026) ·
- Stonepeak Partners LP General partner · March NAV and August exposure share have different denominators. · Source ↗Mar 2026 NAV · $137.0M · 6.9% of sleeve exposure incl. unfunded and pending (Aug 2026) ·
- Grain Management LLC General partner · March NAV and August exposure share have different denominators. · Source ↗Mar 2026 NAV · $137.0M · 5% of sleeve exposure incl. unfunded and pending (Aug 2026) ·
- Homestead Capital General partner · March NAV and August exposure share have different denominators. · Source ↗Mar 2026 NAV · $163.0M · 4.1% of sleeve exposure incl. unfunded and pending (Aug 2026) ·
- HarbourVest Partners General partner · March NAV and August exposure share have different denominators. · Source ↗Mar 2026 NAV · $99.0M · 4% of sleeve exposure incl. unfunded and pending (Aug 2026) ·
- Paine Schwartz Partners, LLC General partner · March NAV and August exposure share have different denominators. · Source ↗Mar 2026 NAV · $110.0M · 3.5% of sleeve exposure incl. unfunded and pending (Aug 2026) ·
Later mandate disclosures
- IFM Global Value Add Infrastructure Fund SCSp Commitment announced · · Up to $250M reported · Source ↗
Absolute Return9 roster entries
Reported roster
- One River Asset Management, LLC Investment manager · Risk Mitigating · Source ↗Net assets · $417.5M · 16.45% of Absolute Return CIF ·
- Lake Hill Capital Management, LLC Investment manager · Risk Mitigating · Source ↗Net assets · $413.6M · 16.29% of Absolute Return CIF ·
- Portman Square Capital, LLP Investment manager · Risk Mitigating · Source ↗Net assets · $376.8M · 14.84% of Absolute Return CIF ·
- EDL Capital, AG Investment manager · Risk Mitigating · Source ↗Net assets · $388.4M · 15.3% of Absolute Return CIF ·
- Investcorp - Tages, LLP Investment manager · Risk Mitigating · Source ↗Net assets · $245.9M · 9.69% of Absolute Return CIF ·
- P/E Global, LLC Investment manager · Risk Mitigating · Source ↗Net assets · $238.7M · 9.41% of Absolute Return CIF ·
- Crabel Capital Management, LLC Investment manager · Risk Mitigating · Source ↗Net assets · $144.2M · 5.68% of Absolute Return CIF ·
- PIMCO, LLP Investment manager · Risk Mitigating · Source ↗Net assets · $6.3M · 0.25% of Absolute Return CIF ·
- Capital Fund Management Investment manager · Risk Mitigating · Source ↗Net assets · $207.6M · 8.18% of Absolute Return CIF ·
Liquidity FundAllocation line
The Treasurer administers this cash-equivalent CIF internally.
Reported mandate changes
Amounts are reported commitments or current values. Effective dates come from the source recap.
| Effective | Mandate | Sleeve | Action | Reported amount | Evidence |
|---|---|---|---|---|---|
| Fortress Lending Fund V (A) L.P. | Private Credit | Commitment announced | Up to $250M | Source ↗ | |
| Fortress Lending Fund V Co-Invest L.P. | Private Credit | Commitment announced | Up to $250M | Source ↗ | |
| IFM Global Value Add Infrastructure Fund SCSp | Infrastructure and Natural Resources | Commitment announced | Up to $250M | Source ↗ |