Connecticut Teachers Retirement Board
| Connecticut Teachers' Retirement Board | |
 | |
| Basic facts | |
| Location: | Hartford, Connecticut |
| Top official: | Helen Quinn Sullivan, administrator |
| Active members: | 52,200 |
| Website: | Official website |
| Total assets under management | |
| 2023: | $21,150,426 |
- See also: Public pensions in Connecticut
The Connecticut Teachers' Retirement Board is a Connecticut state pension fund that provides retirement, disability, and survivor benefits to “Any teacher, principal, superintendent or supervisor engaged in service of public schools, plus professional employees at State schools of higher education if they choose to be covered.” The Connecticut Teachers' Retirement Board had $21,150,426 ($21.2 million) in total assets under management as of June 30, 2022.[1]
The management of public pension funds can indicate support or opposition to environmental, social, and corporate governance (ESG) investment practices. ESG investing considers the extent to which corporations align with and promote certain non-financial standards, such as net carbon emission or corporate board diversity goals. States typically hire asset management companies (AMCs) to direct pension plan investments, some of which have ESG commitments that guide their strategies.
This article features the following sections:
- Background: Information about the structure and functions of the Connecticut Teachers' Retirement Board.
- Pension performance overview: Overview of the funding level and assets managed by the Connecticut Teachers' Retirement Board.
- Assets and asset management: Information about the asset management companies (AMCs) that contract with Connecticut Teachers' Retirement Board, including a list of contracting AMCs that are participants in the Net Zero Asset Managers Initiative and the Climate Action 100+ initiative.
- Governance and accountability: Details about the Connecticut Teachers' Retirement Board's oversight board, including members and selection.
Background
- See also: Public pensions
The Connecticut State Employees Retirement Commission, founded in 1939, invests the assets of and provides funding for the Connecticut State Employees Retirement Fund, the Connecticut Municipal Employees Retirement System - Fund B, the Connecticut General Assembly Pension System, the Connecticut Probate Judges and Employees Retirement Fund, and the Connecticut Judges, Family Support Magistrates, and Compensation Commissioners Retirement System on a formula established by Connecticut law. These plans—based on the employee's length of service and salary— provide retirement, disability, and survivor benefits to the state's employees, and their families.[2]
The Connecticut Teachers' Retirement Board served nearly 52,200 active members and 36,695 retirees, and beneficiaries as of June 2022.[2]
Pension performance overview
The following table features information about the funding level and assets managed by the Connecticut Teachers' Retirement Board as of June 30, 2022:[1]
| Connecticut Teachers' Retirement Board pension performance (June 30, 2022) | |||
|---|---|---|---|
| Fiscal year | Percent funded | Unfunded liabilities | Total assets[3] |
| 2022 | 57.02% | $17,131,078 | $21,150,426 |
Assets and asset management
| Environmental, social, and corporate governance |
|---|
|
| • What is ESG? • Enacted ESG legislation • Arguments for and against ESG • Opposition to ESG • Federal ESG rules • ESG legislation tracker • Economy and Society: Ballotpedia's weekly ESG newsletter |
Asset management companies (AMCs) are hired to manage asset investment for state pension funds across all 50 states.
As of October 2024, 330 AMCs were members of the Net Zero Asset Managers Initiative (NZAM), and 391 AMCs were investor participants in the Climate Action 100+ initiative. Both international asset manager initiatives aimed to align the investment decisions of signatories with the goal of achieving net zero greenhouse gas emissions by 2050.[4][5]
NZAM announced on January 13, 2025, that it was suspending operations and removing the commitment statement and list of signatories from its website. The group said in a statement it would reevaluate its plans and operations in light of “[r]ecent developments in the U.S. and different regulatory and client expectations in investors’ respective jurisdictions.”[6]
List of AMCs contracting with the Connecticut Teachers' Retirement Board
The Connecticut Teachers' Retirement Board contracted with 198 asset management companies (AMCs), as of December 30, 2021. Of those companies or funds, 14 were investor participants in Climate Action 100+, and 26 were members of NZAM, as of 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with the Connecticut State Employees Retirement Fund:[7]
- Aberdeen
- Acadian Asset Management (NZAM, Climate Action 100+)
- Advent Capital
- Aldrich I, L.P.
- Altaris Constellation Partners IV, L.P.
- Altaris Health Partners II, L.P.
- Altaris Health Partners III, L.P.
- Altaris Health Partners IV, L.P.
- Altaris Health Partners V, L.P.
- American Realty Advisors
- Anchorage
- Apollo Investment Fund VIII, L.P.
- Apollo IX, L.P.
- Arclight Energy Partners V, L.P.
- Arclight VI, L.P.
- Ares Real Estate
- Arga Investment Mgt. (Climate Action 100+)
- Artemis Real Estate Partners Income & Growth Fund, L.P. (NZAM, Climate Action 100+)
- Attucks Asset Management
- Attucks Asset Management
- Attucks Asset Management
- Audax Mezzanine III, L.P.
- Balance Point III, L.P.
- Basis, L.P.
- BC European Capital X, L.P.
- BlackRock Financial Management, Inc. (NZAM, Climate Action 100+)
- Blackrock REIT (NZAM, Climate Action 100+)
- Blackstone BioMed Life Science Real Estate, L.P.
- Blackstone Real Estate Partner Europe III, L.P.
- Blackstone Real Estate Partners EURO V, L.P.
- Blackstone Real Estate Partners VIII, L.P.
- Blackstone Real Estate VI, L.P.
- Blackstone Renewable III L.P.
- Boston Ventures VII, L.P.
- Calamos Advisors
- Carlyle Property Investors, L.P.
- Castlelake II, L.P.
- Causeway Capital
- Clarion Lion Industrial Trust
- Clearlake Capital Partners III, L.P.
- Clearlake Capital Partners IV, L.P.
- Clearlake Capital Partners V, L.P.
- Clearlake Capital Partners VI, L.P.
- Clearlake Flagship Plus L.P.
- Clearlake Icon Partners IV B, L.P.
- Clearlake Opportunity Partners II L.P
- Columbia Management Investment Advisers, LLC (Climate Action 100+)
- Connecticut Growth Capital, L.P.
- Connecticut Horizon Legacy, L.P.
- Conning-Goodwin Capital
- Constitution Fund V - C, L.P.
- Constitution Fund V - D, L.P.
- Constitution Fund V - E, L.P.
- Constitution Fund V, L.P.
- Cornerstone Patriot Fund, L.P.
- Court Square Capital Partners II, L.P.
- Court Square Capital Partners III, L.P.
- Covenant Apartment Fund VIII, L.P.
- Covenant IX, L.P.
- Covenant X, L.P.
- Crescendo III, L.P.
- Cresent II
- Crow Hldgs Realty Partners VII, L.P.
- Crow Hldgs Realty Partners VIII, L.P.
- CS/CT Cleantech Opp Fund, L.P.
- CT Emerging M-2 Private Equity, L.P.
- Cypress Acquisition Prtnrs Retail Fund, L.P.
- DDJ Capital Management, LLC
- Dover Street X, L.P
- Driehaus Capital Mgt.
- Eaton Vance
- Energy Fund XV, L.P.
- EQT VIII, L.P. (NZAM)
- Ethos Private Equity Fund V, L.P. ?? (NZAM)
- Fairview Constitution II, L.P.
- Fairview Constitution III, L.P.
- Fairview Constitution IV, L.P.
- Fiera Capital (NZAM, Climate Action 100+)
- Fortress Credit Opportunity Fund V
- Fortress Lending Fund II
- Freeman CT Horizon, L.P.
- FS Equity Partners V, L.P.
- FS Equity Partners VI, L.P.
- GarMark Partners II, L.P.
- GENNX360 Capital Partners II, L.P.
- Georgian Partners Growth Fund V L.P.
- Gerding Edlen Green Cities II, L.P.
- Gerding IV, L.P.
- Gerding REF III, L.P.
- Global Infrastructure Partners V, L.P.
- GQG Partners
- Grain Comm Opp Fund III L.P.
- GS Private Middle Market Credit II, LLC
- GS West Street CT Private Credit Partnership, L.P.
- GS West Street Senior Credit Partners III, L.P.
- Hart Realty Advisors
- Hg Genesis 9, L.P. (NZAM)
- Hg Saturn II, L.P. (NZAM)
- Hollyport Secondary Opportunities Fund VII, L.P.
- Homestead Capital USA Farmland Fund III, L.P.
- ICG Europe Fund VII, L.P. (NZAM)
- Icon Partners IV B, L.P.
- ICV Partners II, L.P.
- IL & FS India Realty Fund II, LLC
- Insight Partners Opportunities Fund I, L.P. (Climate Action 100+)
- IPI Partners II, LLC
- Ironwood Mezzanine Fund IV, L.P.
- ISQ II, L.P.
- JFL Equity Investors III, L.P.
- JFL Equity Investors V, L.P.
- JFL IV, L.P.
- K5 Private Investors, L.P.
- KKR 2006 Fund, L.P.
- KKR Millennium Fund, L.P.
- Landmark Equity Partners XIV, L.P.
- Landmark Equity Partners XV, L.P.
- Landmark Equity Partners XVI, L.P.
- Landmark RE Partners VII, L.P.
- Landmark VIII REF, L.P.
- Lazard Asset Mgt. (NZAM, Climate Action 100+)
- Leeds Equity Partners V, L.P.
- Leeds Equity Partners VI, L.P.
- Levine Leichtman Capital Partners IV, L.P.
- Levine Leichtman Capital Partners V, L.P.
- Lone Star Real Estate Part II, L.P.
- Longfellow
- Mesirow IV, L.P.
- Nomura Corporation Research & Asset Management, Inc. (NZAM, Climate Action 100+)
- Northern Trust Transition - Russell 2000/2500 (NZAM, Climate Action 100+)
- Nutmeg Opportunities Fund I, L.P.
- Nutmeg Opportunities Fund II, L.P.
- Oak Street RE Net Lease Fund, L.P.
- One Rock Capital Partners III, L.P.
- OSP Value Fund III, L.P.
- Payden & Rygel (NZAM, Climate Action 100+)
- Pegasus Partners IV, L.P.
- Pegasus Partners V, L.P.
- Penzence DC RE Fund II, L.P.
- PIMCO
- Pinebridge Global Emerging Markets Fund, L.P. (NZAM)
- Prime Property Fund, LLC
- PRISA
- Prudence Crandall III Rock Creek Limited Partnership
- Prudence Crandall IV-D Liquid, K2 Limited Partnership
- Prudence Crandall IV, K2 Limited Partnership
- Pugh Capital
- RFE Investment Partners VII, L.P.
- RFE Investments Partners VIII, L.P.
- RhumbLine Advisers
- Rockpoint Real Estate Fund VI, L.P.
- Rockwood Capital VI, L. P.
- Rockwood Capital VII, L. P.
- Schroders Investment Mgt. (Climate Action 100+)
- Secondary Overflow Fund IV, L.P.
- Shenkman Capital Management, Inc. $
- Siris IV, L.P.
- Starwood Opportunity Fund IX, L.P.
- Starwood Opportunity Fund VII, L.P.
- Starwood Opportunity Fund VIII, L.P.
- Starwood Opportunity Fund X, L.P.
- Starwood XI REF, L.P.
- State Street Global Advisors (NZAM)
- State Street Global Advisors (NZAM)
- State Street Global Advisors (NZAM)
- State Street Transition - Russell 2000 (NZAM)
- Stellex Capital Partners Fund II L.P.
- Syndicated Communications V, L.P.
- T. Rowe Price Associates (NZAM)
- TA XI, L.P.
- The Constitution Liquidating Fund, L.P.
- The RockCreek Group (NZAM)
- Thomas H. Lee Equity Fund VI, L.P.
- Thomas Welles Fund I Limited Partnership
- Torchlight Debt Fund VII, L.P.
- TruAmerica Workforce Housing Fund I-A, L.P.
- TSSP Adjacent Opportunities B, L.P.
- UBS-Trumbull Property Fund L.P.
- UBS-Trumbull Property G&I (TPG)
- UBS-Trumbull Property Income, L.P.
- USAA Eagle RE Fund, L.P.
- Vista Equity Partners Fund III, L.P. (NZAM)
- Vista Equity Partners Fund IV, L.P. (NZAM)
- Vista Equity Partners Fund VI, L.P. (NZAM)
- Vista Equity Partners Fund VII, L.P. (NZAM)
- Vistria Fund III, L.P.
- Waterton Residential Property Venture XIV, L.P.
- Wellington (NZAM, Climate Action 100+)
- Wellspring Capital Partners V, L.P.
- Wellspring Capital Partners VI, L.P.
- Welsh Carson Anderson & Stowe XI, L.P.
- Welsh Carson Anderson & Stowe XII, L.P.
- Welsh Carson Anderson & Stowe XIII, L.P.
- WLR IV PPIP Co Invest L.P.
- WLR Recovery Fund IV, L.P.
- Xponance Inc. Active
- Xponance Inc. Passive
- Yucaipa American Alliance Fund II, L.P.
- Yucaipa American Alliance Fund III, L.P.
Governance and accountability
This section features information about the 14-member board of trustees that oversees the Connecticut Teachers' Retirement Board. The board is specific to oversight of the Connecticut Teachers' Retirement Board and does not exercise oversight duties for other state funds.[8]
Board selection method
The board of trustees that oversees the Connecticut Teachers' Retirement Board is made up of 14 members: the Commissioner of the Department of Education, the State Treasurer, the Secretary of the Office of Policy and Management, four active teachers, two retired teachers, and five public members appointed by the Governor.[8]
Board of trustees membership
A 14-member board of trustees oversees the operation and administration of the Connecticut Teachers' Retirement Board. The following individuals served on the board as of February 2024:[8]
- Jeffrey R. Beckham, Secretary of Office of Policy and Management
- Gregory Messner, executive budget officer
- Erick Russell, state treasurer
- Ted Wright, chief investment officer
- Charlene M. Russell-Tucker, Commissioner of Education
- Keith Norton, Chief Strategic Planning Officer Public Members
- Charles B. Higgins
- Jonathan Johnson
- Kathleen U. Holt
- Lisa Heavner
See also
- Public pensions in Connecticut
- Environmental, social, and corporate governance (ESG)
- Arguments about environmental, social, and corporate governance (ESG)
- Opposition to environmental, social, and corporate governance (ESG) investing
- Reform proposals related to environmental, social, and corporate governance (ESG)
- State legislative approaches opposing ESG investing
- State legislative approaches supporting ESG investing
External links
Footnotes
- ↑ 1.0 1.1 portal.ct.gov, Connecticut State Teachers’ Retirement System Actuarial Valuation as of June 30, 2022
- ↑ 2.0 2.1 Connecticut Office of the State Comptroller, “State Employees Retirement System (SERS),” accessed April 25, 2024
- ↑ Note: By default, this refers to the actuarial valuation of total assets. In some cases, the total market value of assets is shown instead. See the cited source for details.
- ↑ The Net Zero Asset Managers Initiative, "The Net Zero Asset Managers Initiative," accessed January 26, 2023
- ↑ Climate Action 100+, "The Three Goals," accessed June 20, 2023
- ↑ Pensions and Investments, "Net Zero Asset Managers initiative to suspend activities in wake of BlackRock departure," accessed January 15, 2024
- ↑ Ballotpedia, "Ballotpedia: Asset management data for state-administered pension funds across the 50 states," March 2023
- ↑ 8.0 8.1 8.2 {https://portal.ct.gov/TRB/Content/Agency/About-Us/Board-Members "CT.gov," "Connecticut Teachers' Retirement Board," accessed February 22, 2024]
| |||||||||||||||||||||||
