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City of New Haven
The City of New Haven's retirement system was established in 1938 to provide service, disability, and death benefits to municipal employees. Mayor Justin...
City of New Haven
The City of New Haven's retirement system was established in 1938 to provide service, disability, and death benefits to municipal employees. Mayor Justin Elicker and City Controller Kristy Sampieri serve as ex-officio board members, with Leanna Ambersley administering day-to-day operations. The system encompasses two separate funds — the City Employees' Retirement Fund (CERF) and the Police & Fire Fund (P&F) — both governed by a single retirement board responsible for investment policy and fiduciary oversight. New Haven allocates across a wide spectrum of private and public markets, with a disclosed strategy that spans buyout, growth equity, distressed debt, mezzanine, special situations, and early-stage venture. The system participates as a limited partner in fund-of-funds structures and also pursues co-investments alongside external managers — a common approach for smaller public plans seeking to access institutional-quality deals while managing fee pressure. Its real estate portfolio includes mixed-use assets, and the system maintains a cash management allocation through Connecticut's Short Term Investment Fund (STIF), a state-run vehicle for public entities. Geographic exposure extends across the United States, with no concentrated international mandate. The system's size — among the smallest public pension plans in Connecticut — shapes its approach. New Haven participates in industry bodies such as the National Conference on Public Employee Retirement Systems (NCPERS) and the National Association of Securities Professionals (NASP), leveraging those networks for manager sourcing and governance best practices. In September 2024, the retirement board conducted routine reviews of investment performance and updated actuarial assumptions in line with state reporting requirements, reflecting the ongoing administrative cadence of a plan with a single pension administrator. Structurally, New Haven's distinct character lies in its origin as a municipal hybrid: it operates as a public defined-benefit plan but relies on external fund managers and consultant-led sourcing rather than an internal investment office. This trustee-consultant governance model — where investment decisions filter through a politically appointed board rather than a chief investment officer — faces the same resource constraints common to smaller public funds. The system's ability to meet its actuarial targets depends on a combination of steady municipal contributions, disciplined asset allocation across private and public vehicles, and the performance of the external managers it selects.
General information
Firm type
Public Pension Fund
Year founded
1938
Location
Region
North America
Country
United States
City
New Haven
Corporate office
New Haven, CT, United States
Principals
Justin Elicker
Mayor, Ex-Officio Board Member
Kristy Sampieri
City Controller, Board Member
Leanna Ambersley
Pension Administrator
Sector focus
Frequently asked questions
Who makes investment decisions for the City of New Haven retirement funds?
A retirement board administers both the City Employees' Retirement Fund and the Police & Fire Fund. Mayor Justin Elicker and City Controller Kristy Sampieri serve as ex-officio board members. The board relies on external consultants and fund managers for asset allocation recommendations and manager selection, as the system does not maintain a dedicated internal investment staff.
How does New Haven's pension system source fund managers and deals?
New Haven participates in industry networks including the National Conference on Public Employee Retirement Systems (NCPERS) and the National Association of Securities Professionals (NASP), which provide educational and sourcing forums. The system's multi-manager approach typically involves consultant-led searches and existing GP relationships, with co-investment opportunities flowing through the fund-of-funds and direct manager channels it already engages.
Is New Haven's pension fund a single-family office or a public entity?
It is a public pension fund, not a family office. Established in 1938, the City of New Haven retirement system provides defined-benefit pensions to municipal employees, police officers, and firefighters. It is governed by a politically appointed retirement board and subject to Connecticut state pension regulations and reporting requirements.
Does New Haven participate in fund commitments or direct deals?
Both. The system's strategy spans fund-of-funds commitments, direct co-investments alongside external managers, and direct real estate holdings. Public records identify allocations across buyout, growth equity, venture capital, distressed debt, and mezzanine strategies, though the system does not publicly disclose individual fund names or co-investment positions.
What is New Haven's known posture on co-investments alongside external GPs?
New Haven's investment strategy explicitly includes co-investment and co-investment multi-manager structures. This suggests the system actively considers co-investment rights in its private equity and private credit fund relationships, a common cost-management technique for smaller public plans seeking to reduce blended fees and gain concentrated exposure to specific assets.
Where does the pension fund's capital come from?
Contributions flow from two primary sources: employee payroll deductions and employer contributions from the City of New Haven's general fund. Investment returns on the accumulated assets form the third leg of the funding structure. The system's funded status depends on the interplay of contribution discipline, actuarial assumptions, and market performance.
How is the pension fund related to other New Haven municipal financial entities?
The retirement board operates independently from the city's annual operating budget, though the mayor and city controller serve on the board. Connecticut's Short Term Investment Fund (STIF) provides a cash management vehicle for the system's short-term reserves, and the city maintains separate real estate assets outside the pension funds. The retirement system is a distinct legal entity with its own fiduciary obligations.
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