Ten Managers Hold 88% of Connecticut's Infrastructure Exposure

What's New

Connecticut's $73.7 billion pension system runs its private markets program through a short list of managers. The plan's strategic reviews of private equity, private credit, real estate and infrastructure show the 10 largest infrastructure relationships holding about 88% of total exposure in that asset class. Only 15 managers carry the entire allocation. Every review names re-ups with existing managers as the preferred use of capital. Allocators benchmarking their own manager counts now have a detailed comparison.

Why It Matters

Emerging and mid-sized general partners are the constituency this reaches. Connecticut's real estate goals direct capital away from underperforming and low conviction strategies. Its infrastructure goals call for a strong bias toward re-ups with existing platforms. A public plan of this size is often modeled as a dependable source of first-time and second-time fund capital. Connecticut's own documents describe a program moving the other way.

By The Numbers

• 34 private equity managers, down from 50 two years earlier.

• More than 85% of private credit market value held by the top 10 relationships, drawn from a roster of 20.

• About 70% of real estate exposure in the top 10, from 29 managers the plan intends to cut.

• $6.2 billion committed to private markets during the fiscal year, across 34 vehicles.

Zoom In

Infrastructure shows the pattern at its limit. The manager count held steady at 15. Core exposure climbed to 38.7% of NAV from 28% at the end of 2024, against a 50% core target. The asset class stands at 4% of the plan against a 7% target, and the projection reaches that target in 2029. Getting there means three to five new commitments in 2027 worth $600 million to $800 million. Connecticut expects to close a three-point allocation gap without lengthening the manager list.

The Wrap

The plan has chosen concentration and put the reasoning in writing. The approach holds while retained managers keep their teams intact and stay inside the strategies they were hired to run. It weakens if a top-five relationship in any asset class underperforms, because fewer positions remain to absorb the result. Real estate resumes committing in 2027 and infrastructure targets new commitments the same year. Those two cycles will show whether the roster has stopped shrinking.