# State of Connecticut

State of Connecticut is a Pension Fund based in Hartford, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Hartford, United States
- **Region:** North America
- **Address:** Hartford, CT, United States
- **Founded:** 1939
- **Assets under management:** Undisclosed
- **Website:** portal.ct.gov/ott
- **LinkedIn:** https://www.linkedin.com/company/stateofconnecticut

## Regulatory record

- **Reports private funds:** No

## About

State of Connecticut is an asset management firm based in Hartford, Connecticut. Founded in 1788, it has made two investments. Its latest investment was in Fortress Risk Management's Series A round on October 22, 2014.

## Sectors

- Private Equity
- Real Estate
- Infrastructure
- Private Credit
- Hedge Funds
- Public Equities
- Fixed Income

## People

- Erick Russell — Treasurer, State of Connecticut

## Questions

### Who is the fiduciary in charge of Connecticut's pension investments?

The State Treasurer, an elected constitutional officer, serves as the principal fiduciary for the Connecticut Retirement Plans and Trust Funds. As of January 2023, Erick Russell holds that office and chairs the Investment Advisory Council. The Treasurer has authority to set asset allocation, hire and fire external managers, and approve commitments to private funds.

### How does Connecticut's pension fund allocate to private markets?

The fund commits capital through primary fund investments, co-investments, and direct investments across private equity, real estate, infrastructure, and private credit. The pension's Investment Advisory Council reviews allocation proposals, and staff negotiate terms with general partners. Historically, the portfolio has been weighted toward large, brand-name private equity firms, but it has expanded infrastructure and real-asset commitments in the last decade.

### Does the fund take direct co-investment stakes alongside its external managers?

Yes. The Connecticut pension program executes co-investments alongside established general partners when those deals meet its return thresholds and fit within its cash flow modeling. The co-investment program is designed to reduce blended fees and gain concentrated exposure to assets the investment staff have underwritten directly.

### What is the assumed rate of return, and how does it influence investment decisions?

The system's assumed rate of return is 6.9 percent, set by the State Retirement Commission. Every asset allocation decision is stress-tested against this liability discount rate. The spread between the assumed return and actual risk-free rates effectively forces the portfolio into private and alternative assets to close the gap.

### Does Connecticut's pension fund invest in its own state's companies or infrastructure?

While the pension fund operates under a purely financial return mandate rather than a developmental mission, it has periodically invested in Connecticut-based real estate developments and infrastructure projects when those opportunities met its underwriting standards. The in-state investment posture has been a recurring subject of legislative debate.

## Related profiles

- [Certara](https://altss.com/profile/certara-usa)

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

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