The Connecticut Retirement Plans and Trust Funds (CRPTF) is committing $175M to Integrum Capital Partners II, a private equity buyout fund focused on technology-enabled financial and business services.
New York-based Integrum Capital was founded in 2020 and, as of Dec. 31, 2024, had amassed $1.67B in assets under management. During a recent board meeting, the CRPTF’s investment advisory council recommended the allocation, noting the commitment presents an opportunity for the fund to diversify its exposure through Integrum Capital’s organic growth-oriented strategy.
According to the meeting materials, the market value of the CRPTF’s Private Investment Fund (PIF) was roughly 11.6% of its total reported value as of Dec. 31, 2024, inclusive of the PIF’s cash balances. Its market value and unfunded commitments were approximately $6.9B and $5.6B, respectively, by the end of 2024.
The CRPTF’s 2022 strategic asset allocation plan established a target allocation of 15% for private equity. The PIF’s 2025 strategic pacing plan targets $2.6B of new primary capital commitments in addition to its year one pacing targets for the HarbourVest CT Co-investment – Tranche 2 commitment.
In 2025, the plan is continuing to focus on “re-ups with high conviction, existing managers,” as well as establishing partnerships with new managers in line with the portfolio’s main objectives, which includes increasing diversification in U.S. and European small/mid-market buyouts and growth equity.
Opportunities accessed through fee advantaged co-investment vehicles represented 12% and 18% of the PIF’s market value and total exposure, respectively, as of Dec. 31, 2024, which was in line with the strategic plan objective of having co-investments represent 15% to 30% of total exposure.
The investment council expects near-term market activity to remain soft due to increased uncertainties surrounding tariffs/trade disruptions and the potential knock-on effects, including recessionary and inflationary impacts.
