By Lauren Bailey
The Connecticut Retirement Plans and Trust Fund (CRPTF) is adding a total of $550M to two infrastructure funds that offer liquidity solutions during its July investment committee meeting.
According to meeting materials, CRPTF is recommending a commitment of $300M (of which $200 is targeted for expenditure in 2025) to the HarbourVest Infrastructure Income Partnership (HIIP) fund.
HarbourVest has a 40-year legacy in private markets and $147B in assets under management. The HIIP fund is an infrastructure core-plus fund focused on high-quality, stable and asset-heavy infrastructure platforms. The investments, which are primarily in the power, utilities, transportation (24%), data infrastructure (19%), renewable power (15%), agriculture (11%), and energy (8%) sectors, are accessed through minority positions with partners “through off-market means by providing liquidity solutions.”
The fund’s geographic exposure in developed markets within the 38 member nations of the Organisation for Economic Co-operation and Development, with long-term targets that include 45% to North America, 40% to Europe, 10% to Australia, and 5% to other regions.
“The strategy also enables favorable entry valuations (often at a slight discount to NAV) given HarbourVest’s relationships and industry status as a known provider of liquidity solutions with dedicated solutions,” noted the meeting materials.
While HarbourVest is a new manager within the Infrastructure and Natural Resources (INR) portfolio, the firm has an existing relationship with the firm through its private equity and private credit portfolios.
CRPTF also recommended committing up to $250M to the Palistar Digital Infrastructure Fund III, which focuses on asset-heavy, cash-generative sub-sectors such as macro wireless towers (including traditional towers and easements – rooftops and land rights) with select exposure to structured investments and fiber. The core-plus investments are concentrated in North America through primarily control positions or minority stakes with governance protections. The fund is also expected to offer co-investment opportunities that aims to deliver cash yields targeting 5% once assets are stabilized.
“The firm’s singular focus on digital infrastructure allows it to better identify opportunities, given the highly specialized and rapidly evolving nature of the sector,” said the materials.
As of Dec. 31, CRPTF’s INR portfolio had a core market value weighting of 28%. In January 2025, the Investment Advisory Committee upped that weighting to a target of 50%. At that time, the portfolio’s non-core market was 72%.
As of May 31, 2025, the INR allocation accounted for 3.6% of CRPTF’s total portfolio.
