Budget Day for Connecticut. Bonanza for Lamonts.

What a day Wednesday was for money in Connecticut. Governor Ned Lamont released a proposed $46 billion balanced biennial budget. His recorded speech explaining parts of the document was broadcast at noon. Always a big day for a governor, especially when it’s likely the last major address before a re-election campaign begins.

Venture capital phenomenon Ann Huntress Lamont, the governor’s spouse and most powerful adviser, was enjoying a stunning win in her investment business. Mrs. Lamont is co-founder and managing partner of Oak HC/FT, which invests in healthcare and financial technology companies.

Oak HC/FT’s stake in Sema4 received some attention when the state entered into a contract for coronavirus testing services early in the pandemic. The Lamonts, as part of their ongoing management of the state’s ethics laws and their far-flung investments, pledged to donate to charity any benefit they might derive from the deal. Sema4 is merging with CM Life Sciences in a $2 billion deal that will see Sema4 snag $793 million when it closes in the second quarter of 2021.

Read the details of the complex deal here. There’s more here.