Connecticut partners with HarbourVest

The US pension fund has approved a $300m commitment to HarbourVest's secondaries investment strategy fund and its overflow fund.

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Institution: Connecticut Retirement Plans and Trust Funds
Headquarters: Hartford, US
AUM: $46.1 billion
Allocation to alternatives: 23.1%

Connecticut Retirement Plans and Trust Funds will commit $300 million to HarbourVest’s latest secondaries investment strategy fund and to its overflow fund, according to recent board documents.

The pension fund will commit $175 million to Dover Street XI and $175 million for Secondary Overflow Fund V, which will invest alongside Dover Street XI in select secondaries transactions.

Managed by HarbourVest, Dover Street XI has raised $4.8 billion in capital against a target size of $12 billion according to Secondaries Investor. The fund was launched in October 2021 and is planning to have a final close in December 2023. The Secondary Overflow Fund V has raised $1.5 billion in capital commitments as of May 2023 with a target size of $2 billion.

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