Treasurer Erick Russell announced that the Connecticut Retirement Plans and Trust Funds (CRPTF) achieved a 14.0% return for Calendar Year 2025, continuing a period of strong investment performance for the state’s pension system.
The results were presented by the Office of the Treasurer during today’s meeting of the Investment Advisory Council (IAC). CRPTF’s value increased $9.3 billion in 2025, including $8.3 billion attributable to investment performance, bringing total assets under management to $68.7 billion as of December 31, 2025. Over the longer term, the CRPTF posted a 12.4% three-year annualized return and an 8.3% 10-year annualized return, both significantly exceeding the fund’s 6.9% target rate of return.
CRPTF’s three-year return rate now ranks in the top 17% of pension funds with assets of $10 billion or more, according to peer comparisons by Investment Metrics.
“Achieving a 14 percent return and growing the pension fund by more than $9 billion in a single year further strengthens the retirement security of Connecticut’s teachers and public employees, past, present, and future, while also reducing pressure on taxpayers,” said Treasurer Russell. “The most important number in these results is our 12.4 percent annualized return over the past three years. Sustained performance, well above our target rate, demonstrates that our long-term investment strategy is working.”
The calendar year results build on the CRPTF’s recent strong performance. Data released in September showed the fund returned 10.1% for Fiscal Year 2025, which ended June 30, 2025. The CRPTF earned 10.3% in Calendar Year 2024 and 12.8% in Calendar Year 2023.
“Consistent performance over multiple years is what ultimately improves the long-term health of the pension system,” Treasurer Russell said. “By staying disciplined, diversifying our investments, and managing risk carefully, we are positioning the fund to weather short-term market disruptions and deliver sustainable growth over time.”
Key reforms implemented in recent years to reallocate plan assets, mitigate risk, lower fees, and recruit and retain investment talent have all contributed to the positive performance.
TREASURER RUSSELL ANNOUNCES $650 MILLION IN NEW INVESTMENT COMMITMENTS
During the IAC meeting, Treasurer Russell also announced up to $650 million in new investment commitments.
- In private equity, the Treasurer committed up to $200 million to Bregal Sagemount V-B L.P., up to $200 million to Dover Street XII, L.P., and up to $200 million to Secondary Overflow Fund VI L.P.
- In real estate, the Treasurer committed an additional $50 million to Artemis Real Estate Partners Healthcare Fund III, L.P., bringing the total CRPTF commitment to $200 million, consistent with the recommendation presented to the IAC on March 12, 2025.
- Potential investments in private equity, private credit, real estate, and infrastructure were also reviewed during the meeting.
- In private equity: LLCP Lower Middle Market Fund IV, L.P., Inflexion Buyout Fund VII Limited Partnership and Inflexion CT Co-Investment Limited Partnership, and JFL Equity Investors VII, L.P.
- In private credit: JFL Credit Opportunities Fund II, L.P. and Hamilton Lane Credit Income Fund and CRPTF-HL Credit Sidecar, L.P.
- In real estate: Stockbridge Smart Markets Fund, L.P.
- In infrastructure: AxInfra NA II L.P.
The IAC shares responsibility for Connecticut’s investment strategy and performance. Its members are appointed by unions representing teachers and state workers, legislative leaders, and the Governor. The IAC plays a key role in setting the pension funds’ investment policy and asset allocation, and in the hiring of key investment personnel. All IAC meetings are open to the public. Meeting materials, including agendas, minutes and investment presentations, are available on the Office of the Treasurer’s website: Investment Advisory Council.
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