# New Haven City Employees Retirement System

New Haven City Employees Retirement System is a Pension Fund based in New Haven, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** New Haven, United States
- **Region:** North America
- **Address:** New Haven, CT, United States
- **Assets under management:** Undisclosed
- **Website:** newhavenct.gov

## Regulatory record

- **Reports private funds:** No

## About

The New Haven City Employees Retirement System provides defined-benefit pensions for municipal workers in New Haven, Connecticut. Mayor Justin Elicker and City Controller Dr. Kristy Sampieri serve as ex-officio board members alongside appointed trustees Cathy Graves, Jerome Sagnella, and Mark Pietrisimone. The fund's day-to-day administration falls to Pension Administrator Leanna Ambersley. Its funding comes from employee contributions and city tax revenues. The fund's investment strategy concentrates heavily on buyout-oriented private market strategies disclosures. Geographic focus remains domestic, with capital deployed across North American markets. The fund accesses private markets through limited-partner commitments to external general partners rather than direct co-investments. Specific fund relationships are not publicly itemized, though the portfolio's stated strategy leans on traditional leveraged-buyout vehicles. The board governs the fund through trustee votes, with the Mayor holding an ex-officio seat that ties pension oversight to the city's executive branch. Staffing remains lean under Leanna Ambersley's administration. The City of New Haven participates in the Connecticut Conference of Municipalities, a professional network that provides state-level coordination on public-pension issues. In the absence of a dedicated in-house investment team, operational functions appear heavily reliant on third-party consultants and fund managers. The pension's governance structure is its distinguishing feature. Mayoral ex-officio status embeds municipal politics directly into the boardroom, meaning a change in city administration can alter the fund's fiduciary direction. This hybrid political-fiduciary model, combined with an aggressive allocation to illiquid buyouts, creates a board dynamic that requires trustees to evaluate multi-decade commitments against the backdrop of four-year election cycles.

## Sectors

- Buyout

## People

- Justin Elicker — Ex-Officio Board Member (Mayor)
- Dr. Kristy Sampieri — Ex-Officio Board Member (Controller)
- Cathy Graves — Trustee
- Jerome Sagnella — Trustee
- Mark Pietrisimone — Trustee
- Leanna Ambersley — Pension Administrator

## Questions

### Who runs investment decisions at New Haven CERF?

Investment decisions are made by the Board of Trustees. Mayor Justin Elicker and City Controller Dr. Kristy Sampieri serve as ex-officio members. Three appointed trustees—Cathy Graves, Jerome Sagnella, and Mark Pietrisimone—complete the board. The fund lacks a dedicated internal chief investment officer and relies on external consultants and GPs for strategy execution.

### Does New Haven CERF co-invest directly or only through fund commitments?

Based on its stated buyout strategy and lack of internal co-investment staff, the fund commits capital through limited-partner fund structures rather than pursuing direct deals or co-investments alongside GPs. No direct-deal activity has been publicly reported.

### Where does the fund's capital come from?

Contributions are funded by the City of New Haven's municipal employees and tax revenues. As a defined-benefit plan, the city ultimately bears the investment risk and must make up any funding shortfalls through future budgets, which adds a layer of taxpayer exposure to private-market commitments.

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Last updated: 2026-06-03T20:00:00.000Z

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