Responses to Questions PE-PC Investment Consulting Services.pdf

Responses to Questions Submitted for

Request for Proposals for

PRIVATE EQUITY & PRIVATE CREDIT

INVESTMENT CONSULTING SERVICES

State of Connecticut

Office of the State Treasurer

Responses Posted No Later Than

Wednesday, February 11, 2026 – 5:00 p.m. EST

Question: Regarding Scope Item F.1) and 2), can CRPTF confirm if meeting attendance is virtual or in-person?

Response: Meeting attendance may be requested to be made in person or virtually depending on the needs of the IAC, Treasurer, CIO, or designated investment staƯ. That being said, most meetings provide a virtual attendance option if needed.

Question: Regarding Scope Item F.1), can CRPTF provide an estimate of how many meetings the consultant could expect to attend annually?

Response: It is estimated that these meetings would be fewer than six per year, excluding regular calls or virtual meetings with the Connecticut private equity and private credit team.

Question: To approximately how many investments does CRPTF anticipate making commitments to across private equity and private credit annually?

Response: The number of commitments is expected to be influenced by future pacing plans and overall portfolio and market conditions; however, Connecticut has closed on an average of 10 to 12 private equity commitments and 6 to 8 private credit commitments annually in recent years.

Question: Can CRPTF provide a list of active investments covered by the RFP? If possible, please include Investment Name, General Partner Name, Vintage Year, Sector/Strategy, Geography, Commitment Amount.

Response: Please see the active holdings in the Private Equity Fund (“PEF”) and Private Credit Fund (“PCF”) portfolios as of December 31, 2025. Please note that Scope of Services includes any liquidated and future PEF and PCF investments.

Question: Regarding Scope Item C.2).c, would CRPTF be able to provide clarity on what other reporting the State anticipates requiring?

Response: There is no regular request for other reporting; however, Connecticut may seek to augment reporting or need to request that the Consultant provide ad hoc reporting, reporting relating to special projects, or reporting requested by the Treasurer or IAC, involving the PEF and PCF portfolios. An example of reporting augmentation would be requiring a quarterly accounting reconciliation report comparing the Consultant’s data with the custodian’s data to ensure accuracy and consistency.

Question: Would CRPTF be able to share the current benchmarks used for the Private Capital Portfolios?

Response: The current policy benchmarks are as follows.

PEF - Russell 3000 + 250 basis points PCF - S&P / LSTA Leveraged Loan Index + 150 basis points

Question: Regarding Scope Item C.3), would CRPTF be able to clarify if the incumbent consultant provides StaƯ with a schedule including the management fee policy of each fund?

Response: Pension Funds Management staƯ maintains information on management fees for its managers/funds.

Manager Name Vintage Strategy Geography Commitment

($Millions) Aldrich Aldrich Capital Partners Fund, L.P. 2018 Growth Equity North America $50 Aldrich Aldrich Capital Partners Fund II Co-Investment, LP 2022 Growth Equity North America $28 Aldrich Aldrich Capital Partners Fund II, LP 2022 Growth Equity North America $48 Altaris Altaris Health Partners III, L.P. 2014 Buyout North America $50 Altaris Altaris Constellation Partners IV, L.P. 2018 Buyout North America $10 Altaris Altaris Health Partners IV, L.P. 2018 Buyout North America $40 Altaris Altaris Health Partners V, L.P. 2020 Buyout North America $100 Altaris Altaris 4048, L.P. 2023 Buyout North America $50 Altaris Altaris Health Partners VI, L.P. 2023 Buyout North America $150 Apollo Management Apollo Investment Fund VIII, L.P. 2014 Buyout Global $125 Apollo Management Apollo Investment Fund IX, L.P. 2019 Buyout Global $125 Ardian Ardian CT PE Part. Class D Leg 2024 Buyout Global $480 Ardian Ardian CT PE Part. Class E CT 2024 Buyout Global $0 Ardian Ardian CT PE Part. Class F Co-Investment 2024 Buyout Global $0 Ardian Ardian CT PE Part. Class A GP 2025 Buyout Global $450 Avance Investment Management Avance Investment Partners, L.P. 2021 Buyout North America $100 Avance Investment Management Avance Investment Partners II, L.P. 2025 Buyout North America $175 Bregal Sagemount Management Bregal Sagemount IV L.P. 2022 Buyout North America $125 Clearlake Capital Clearlake Capital Partners III, L.P. 2012 Buyout North America $40 Clearlake Capital Clearlake Capital Partners IV, L.P. 2015 Buyout North America $50 Clearlake Capital Clearlake Capital Partners V, L.P. 2018 Buyout North America $60 Clearlake Capital Clearlake Capital Partners VI, L.P. 2020 Buyout North America $75 Clearlake Capital Clearlake Flagship Plus Partners, L.P. 2021 Buyout North America $100 Clearlake Capital Icon Partners II, L.P. 2021 Buyout North America $38 Clearlake Capital Icon Partners III, L.P. 2021 Buyout North America $11 Clearlake Capital Icon Partners IV, L.P 2021 Buyout North America $38 Clearlake Capital Icon Partners V, L.P 2021 Buyout North America $38 Clearlake Capital Clearlake Capital Partners VII, L.P. 2021 Buyout North America $125 Clearlake Capital Clearlake Capital Partners VIII, L.P. 2024 Buyout North America $200 Fairview Capital Fairview Constitution II, L.P. 2005 Venture Capital North America $200 Fairview Capital Fairview Constitution III, L.P. 2007 Venture Capital North America $300 Fairview Capital Fairview Constitution IV, L.P. 2012 Venture Capital North America $150 Fairview Capital Constitution Fund V, LLC - Series A 2016 Venture Capital North America $130 Fairview Capital Constitution Fund V, LLC - Series B 2017 Venture Capital North America $20 Fairview Capital Constitution Fund V, LLC - Series C 2019 Venture Capital North America $75 Fairview Capital Constitution Fund V, LLC - Series D 2019 Venture Capital North America $25 Fairview Capital Constitution Fund V, LLC - Series E 2020 Venture Capital North America $75 Fairview Capital Constitution Fund V, LLC - Series F 2022 Venture Capital North America $100 Freeman LLC Freeman CT Horizon Investment Fund, LLC 2019 Buyout North America $50 GCM Grosvenor CRPTF-GCM Emerging Manager Private Equity Partnership L.P. 2023 Buyout North America $150 GCM Grosvenor CRPTF - GCM Emerging Manager Partnership L.P. 2026- 1 PE Series 2026 Buyout North America $425 Georgian Partners Georgian Partners Growth Fund V, L.P. 2019 Growth Equity North America $75 Georgian Partners Georgian Alignment Fund II, LP 2022 Growth Equity North America $50 Georgian Partners Georgian Growth Fund VI, LP 2022 Growth Equity North America $100 HarbourVest Partners Dover Street X, L.P. 2019 Secondaries Global $100 HarbourVest Partners Secondary Overflow Fund IV L.P. 2019 Secondaries North America $100 HarbourVest Partners HarbourVest CT Co-Investment Fund L.P. 2022 Buyout Global $750 HarbourVest Partners Dover Street XI L.P. 2022 Secondaries Global $175 HarbourVest Partners Secondary Overflow Fund V L.P. 2023 Secondaries Global $175 HarbourVest Partners HarbourVest CT Co-Investment Fund L.P. - Tranche 2 2025 Buyout Global $900 Hg Capital Hg Saturn 2 L.P. 2020 Buyout Europe - Western $100 Hg Capital Hg CT1 Co-Invest L.P. 2021 Buyout Europe - Western $225 Hg Capital Hg Genesis 9 L.P. 2021 Buyout Europe - Western $66 Hg Capital Hg Genesis 10 L.P. 2022 Buyout Europe - Western $90 Hg Capital Hg Saturn 3, L.P. 2022 Buyout Europe - Western $150 Hg Capital Hg Saturn 4, L.P 2025 Buyout Europe - Western $250 Hg Capital Hg Genesis 11 L.P. 2025 Buyout Europe - Western $90 Hg Capital Hg Mercury 5 L.P. 2025 Buyout Europe - Western $90 Note: Certain fund commitments made in non-USD currencies, which are shown here in approximate USD equivalents. Vintage years be subject to adjustment.

Private Equity Fund As of December 31, 2025

($Millions) Hollyport Capital Hollyport Secondary Opportunities VII LP 2019 Secondaries Global $75 Hollyport Capital Hollyport Secondary (Overage Fund) LP 2022 Secondaries Global $50 Hollyport Capital Hollyport Secondary Opportunities VIII LP 2022 Secondaries Global $125 Hollyport Capital Hollyport Secondary Opportunities IX LP 2024 Secondaries Global $300 Insight Partners Insight Partners Opportunities Fund I, L.P. 2021 Mezzanine North America $75 Insight Partners Insight Partners Opportunities Fund II, L.P. 2023 Mezzanine North America $100 Insight Partners CT Co-Investment Opps II, L.P. 2024 Mezzanine North America $150 Integrum Integrum Capital Partners II LP 2025 Buyout North America $175 J.P. Morgan Nutmeg Opportunities Fund L.P. CT - EM 2010 Buyout North America $35 J.P. Morgan Nutmeg Opportunities Fund L.P. CT - SMMBF 2010 Buyout North America $75 J.P. Morgan Nutmeg Opportunities Fund II LLC - CT - Direct Investment 2017 Buyout North America $0 J.P. Morgan Nutmeg Opportunities Fund II LLC - EM 2017 Buyout North America $34 J.P. Morgan Nutmeg Opportunities Fund II LLC - SMMBF 2018 Buyout North America $116 JF Lehman J.F. Lehman Equity Investors III, L.P. 2011 Buyout North America $49 JF Lehman J.F. Lehman Equity Investors IV, L.P. 2016 Buyout North America $75 JF Lehman JFL Equity Investors V, L.P. 2020 Buyout North America $100 JF Lehman JFL Equity Investors VI, LP. 2023 Buyout North America $150 K1 Investment Management K5 Private Investors, L.P. 2021 Growth Equity North America $125 K1 Investment Management K6 Private Investors, L.P. 2025 Growth Equity North America $300 Landmark Partners Landmark Equity Partners XIV, L.P. 2008 Secondaries Global $100 Landmark Partners Landmark Equity Partners XV, L.P. 2013 Secondaries Global $100 Landmark Partners Landmark Equity Partners XVI, L.P. 2017 Secondaries Global $100 Landmark Partners Landmark Equity CT Co-Investment Fund I, L.P. 2022 Secondaries Global $50 Landmark Partners Landmark Equity Partners XVII, L.P. 2020 Secondaries Global $100 Leeds Equity Partners Leeds Equity Partners V, L.P. 2009 Buyout North America $40 Leeds Equity Partners Leeds Equity Partners VI, L.P. 2017 Buyout North America $75 Leeds Equity Partners Leeds Equity Partners VII, LP 2021 Buyout North America $125 Leeds Equity Partners Leeds Equity Partners Co-Invest I, L.P. 2024 Buyout North America $50 Leeds Equity Partners Leeds Equity Partners VIII, L.P. 2024 Buyout North America $175 Levine Leichtman Capital Partners Levine Leichtman Capital Partners IV, L.P. 2008 Mezzanine North America $75 Levine Leichtman Capital Partners Levine Leichtman Capital Partners V, L.P. 2013 Mezzanine North America $75 Levine Leichtman Capital Partners Levine Leichtman Capital Partners VII, L.P. 2025 Buyout North America $200 Livingbridge Livingbridge 7 2021 Buyout Europe - Western $138 One Rock Capital Partners One Rock Capital Partners III, L.P. 2021 Buyout North America $125 One Rock Capital Partners One Rock Capital Partners IV, L.P. 2025 Buyout North America $100 One Rock Capital Partners One Rock Emerald Fund, L.P. 2025 Buyout North America $50 Reverence Capital Partners Reverence Capital Partners Opportunities Fund V (PE Fund III), L.P. 2022 Buyout North America $100 Reverence Capital Partners Reverence Capital Partners PE Opportunities Fund IV L.P. 2026 Buyout North America $200 Siris Capital Group Siris Partners IV, L.P. 2018 Buyout North America $50 Stellex Management Partners Stellex Capital Partners II, L.P. 2021 Buyout North America $100 Stellex Management Partners Stellex Capital Partners III LP 2024 Buyout North America $188 Stellex Management Partners Stellex Capital III Co-Invest LP 2025 Buyout North America $63 Strategic Value Partners Strategic Value Special Situations Fund V, L.P. 2021 Distressed/Restructuring Global $150 Strategic Value Partners Strategic Value Special Situations Fund VI, L.P. 2025 Distressed/Restructuring Global $250 The Vistria Group Vistria Fund III, LP 2020 Buyout North America $75 The Vistria Group Vistria Fund IV, LP 2021 Buyout North America $150 The Vistria Group Vistria Fund V, L.P. 2023 Buyout North America $175 Top Tier Capital Partners Top Tier - CT Venture Partners, L.P. 2024 Venture Capital North America $300 Verdane Capital Verdane Freya XII 2025 Buyout Europe - Western $179 Vista Equity Partners Vista Equity Partners Fund III, L.P. 2007 Buyout North America $50 Vista Equity Partners Vista Equity Partners Fund IV, L.P. 2011 Buyout North America $75 Vista Equity Partners Vista Equity Partners Fund VI, L.P. 2016 Buyout North America $100 Vista Equity Partners Vista Equity Partners Fund VII, L.P. 2019 Buyout North America $100 Vista Equity Partners Vista Equity Partners Fund VIII, L.P. 2022 Buyout North America $200 Welsh, Carson, Anderson & Stowe Welsh, Carson, Anderson & Stowe XI, L.P. 2009 Buyout North America $100 Welsh, Carson, Anderson & Stowe Welsh, Carson, Anderson & Stowe XII, L.P. 2015 Buyout North America $100 Welsh, Carson, Anderson & Stowe WCAS XIII, L.P. 2019 Buyout North America $125 Welsh, Carson, Anderson & Stowe WCAS XIV, L.P. 2022 Buyout North America $150 Note: Certain fund commitments made in non-USD currencies, which are shown here in approximate USD equivalents. Vintage years be subject to adjustment.

Private Equity Fund

($Millions) Anchorage Capital Group Anchorage Illiquid Opportunities VI, L.P. 2017 Special Situations Global $75 Anchorage Capital Group ACO IX Co-Investment Fund, L.P. 2025 Special Situations Global $75 Anchorage Capital Group Anchorage Credit Opportunities Onshore Fund IX, L.P. 2025 Special Situations Global $175 Audax Management Audax Mezzanine Fund III, L.P. 2011 Special Situations North America $75 Balance Point Capital Partners Connecticut Growth Capital, LLC 2016 Mezzanine North America $50 Balance Point Capital Partners Balance Point Capital Partners III, L.P. 2017 Mezzanine North America $50 Bregal Sagemount Management Bregal Sagemount Credit Opportunities Series 2023 L.P. 2024 Senior North America $125 Bregal Sagemount Management Bregal Sagemount Direct Lending Series 2023 L.P. 2024 Senior North America $75 Centre Lane Partners Centre Lane Credit Partners III, L.P. 2022 Senior North America $100 Clearlake Capital Clearlake Opportunities Partners II, L.P. 2019 Special Situations North America $75 Clearlake Capital Clearlake Opportunities Partners III, L.P. 2022 Special Situations North America $125 Crescent Capital Group Crescent Direct Lending Levered Fund II (Delaware), LP 2017 Senior North America $75 Crescent Capital Group Crescent CRPTF Multi-Strat L.P. 2022 Senior North America $300 Crescent Capital Group Crescent CRPTF Private Credit L.P. 2022 Senior North America $300 Crescent Capital Group Crescent CRPTF Private Credit L.P. - Tranche II 2025 Senior North America $300 Eagle Point Credit Management Eagle Point CRPTF DIF Co- Investment L.P. 2025 Senior North America $150 Eagle Point Credit Management Eagle Point Defensive Income Fund III US 2025 Senior North America $100 Fortress Investment Group Fortress Credit Opportunities Fund V Expansion MA-CRPTF LP 2020 Special Situations North America $100 Fortress Investment Group Fortress Lending Fund II MA-CRPTF LP 2020 Senior North America $200 Fortress Investment Group Fortress Lending Fund III-IV MA-CRPTF LP 2022 Senior North America $250 Goldman, Sachs & Co. Goldman Sachs Private Middle Market Credit II LLC 2019 Senior North America $50 Goldman, Sachs & Co. West Street CT Private Credit Partnership, L.P. 2020 Special Situations North America $225 Goldman, Sachs & Co. West Street Senior Credit Partners III, L.P. 2021 Senior Global $75 HarbourVest Partners HarbourVest CT Private Debt Fund L.P. 2022 Senior Global $750 HarbourVest Partners HarbourVest CT Private Debt Partnership L.P. 2025 Senior Global $750 Hg Capital Hg TITAN 1 A L.P. 2021 Mezzanine Europe - Western $75 Hg Capital Hg Titan 2 L.P. 2023 Mezzanine Europe - Western $150 Intermediate Capital Group ICG Europe Fund VII, L.P. 2018 Mezzanine Europe - Western $89 Intermediate Capital Group ICG Europe Fund VIII SCSp 2021 Mezzanine Europe - Western $177 Intermediate Capital Group ICG - CRPTF GLOBAL MULTI STRATEGY I SCSP 2024 Mezzanine Europe - Western & North America $1,103 Ironwood Ironwood Mezzanine Partners IV, L.P. 2017 Mezzanine North America $50 Ironwood Ironwood Capital Partners V LP 2022 Mezzanine North America $75 Oaktree Capital Management Oaktree Opportunities Fund XII, L.P. 2024 Special Situations Global $300 O'Brien-Staley Partners OSP Value Fund III, L.P. 2020 Senior North America $75 O'Brien-Staley Partners OSP Value Fund III-B, LP 2022 Senior North America $38 O'Brien-Staley Partners OSP Value Fund IV, LP 2023 Senior North America $155 O'Brien-Staley Partners OSP Value Fund IV-B, LP 2023 Senior North America $55 Sixth Street Partners Sixth Street TAO Partners (B) (5.0) L.P. 2020 Special Situations Global $250 Sixth Street Partners Sixth Street Lending Partners 2022 Senior North America $300 Sixth Street Partners Sixth Street Specialty Lending Europe III (USD Feeder), L.P. 2025 Senior Europe - Western $300 SLR Capital Partners CRPTF-SLR Credit Partnership L.P. 2023 Senior North America $600 The RockCreek Group CRPTF-RockCreek Emerging Manager Partnership L.P. 2023 Senior North America $100 The RockCreek Group CRPTF RockCreek Emerging Manager L.P. Series II 2025 Senior North America $300 The Vistria Group Vistria Structured Credit Fund I, LP 2023 Mezzanine North America $100 Note: Certain fund commitments made in non-USD currencies, which are shown here in approximate USD equivalents. Vintage years be subject to adjustment.

Private Credit Fund