Key Takeaways
- • Denise Stake has been promoted to Deputy Chief Investment Officer for the State of Connecticut, where she will help lead overall investment strategy and administration of the Connecticut Retirement Plans and Trust Funds (CRPTF), according to State Treasurer Erick Russell.
- • Stake, who joined the Treasurer's office in January 2022 as Principal Investment Officer, Real Assets, brings 35 years of investment experience, including prior roles at Barings LLC and the National Council of Real Estate Investment Fiduciaries (NCREIF).
- • Amit Aggarwal has been named Principal Investment Officer, Real Assets, succeeding Stake in that role; he previously was Investment Officer, Real Estate, at the Los Angeles County Retirement Association (LACERA), which manages a real estate portfolio of approximately $4.1 billion.
- • The appointments are framed by Treasurer Russell as part of his goal of attracting and retaining top investment talent for the state's pension fund management team.
Summary
Connecticut State Treasurer Erick Russell announced on August 8, 2025, that Denise Stake has been promoted to Deputy Chief Investment Officer for the State of Connecticut. In this role, Stake will help lead the overall investment strategy and administration of the Connecticut Retirement Plans and Trust Funds (CRPTF), which include pension funds for retired teachers and state workers.
Stake joined the Treasurer's office in January 2022 as Principal Investment Officer, Real Assets. Per the announcement, she has 35 years of investment experience and has held senior positions including Managing Director and Real Estate Portfolio Manager at Barings LLC and Director of Research at NCREIF. She holds a B.S. in Business Administration with a focus on Real Estate and Urban Economics and an M.A. in Economics, both from the University of Connecticut. She serves on the Pension Real Estate Association (PREA) Foundation Board and has previously held leadership roles at both PREA and NCREIF.
To fill the role Stake is vacating, the Treasurer's office named Amit Aggarwal Principal Investment Officer, Real Assets. Aggarwal most recently served as Investment Officer, Real Estate, at LACERA, where he was a senior member of the team managing a real estate portfolio of approximately $4.1 billion in assets. He previously worked as an investment officer at the California Public Employees' Retirement System (CalPERS) and as an analyst with the California State Board of Equalization. He holds a B.S. in Business Administration from Sonoma State University and an M.B.A. from the University of Illinois Urbana-Champaign.
Treasurer Russell said of Stake: "Denise's expertise in strategic investment management and her deep industry knowledge have made her an invaluable member of our investment team," adding that her leadership will help ensure the long-term financial health of the CRPTF. On Aggarwal, he said that attracting and retaining top talent is one of his primary goals as Treasurer and that the pension fund management team has a "well-deserved stellar reputation."
The Office of the Treasurer serves as principal fiduciary for six state pension and twelve state trust funds, according to the release.
Stake joined the Treasurer's office in January 2022 as Principal Investment Officer, Real Assets. Per the announcement, she has 35 years of investment experience and has held senior positions including Managing Director and Real Estate Portfolio Manager at Barings LLC and Director of Research at NCREIF. She holds a B.S. in Business Administration with a focus on Real Estate and Urban Economics and an M.A. in Economics, both from the University of Connecticut. She serves on the Pension Real Estate Association (PREA) Foundation Board and has previously held leadership roles at both PREA and NCREIF.
To fill the role Stake is vacating, the Treasurer's office named Amit Aggarwal Principal Investment Officer, Real Assets. Aggarwal most recently served as Investment Officer, Real Estate, at LACERA, where he was a senior member of the team managing a real estate portfolio of approximately $4.1 billion in assets. He previously worked as an investment officer at the California Public Employees' Retirement System (CalPERS) and as an analyst with the California State Board of Equalization. He holds a B.S. in Business Administration from Sonoma State University and an M.B.A. from the University of Illinois Urbana-Champaign.
Treasurer Russell said of Stake: "Denise's expertise in strategic investment management and her deep industry knowledge have made her an invaluable member of our investment team," adding that her leadership will help ensure the long-term financial health of the CRPTF. On Aggarwal, he said that attracting and retaining top talent is one of his primary goals as Treasurer and that the pension fund management team has a "well-deserved stellar reputation."
The Office of the Treasurer serves as principal fiduciary for six state pension and twelve state trust funds, according to the release.
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