Issue - meetings
Alternatives
Meeting: 07/03/2022 - Pension Fund Investment Sub-Committee (Item 11)
Alternatives Commitments
Additional documents:
- Restricted enclosure 2 , View reasons restricted (11/2)
Minutes:
Resolved:
That the Pension Fund Investment Sub-Committee:
1. Notes the report
2. Approves the investment of £40m in Border to Coast Pension Partnership’s (BCPP) Series 2a Private Equity Fund
3. Approves the investment of £30m in BCPP’s Series 2a Infrastructure Fund
4. Approves the investment of £30m in BCPP’s Series 2a Private Debt Fund
5. Approves the indicative commitment amounts for 2023 and 2024 as set out in Table 8 of Appendix 1 of the report (and below):
Table 8 – proposed commitments to alternatives for the next 3 years
Commitment |
Private Equity |
Infrastructure |
Private Debt |
2022 |
£40m to BCPP Series 2 |
£30m to BCPP Series 2 |
£30m to BCPP Series 2 |
2023 –indicative |
£40m to BCPP Series 2 |
£30m to BCPP Series 2
£75m to one/two alternative managers |
£30m to BCPP Series 2
£105m to one/two alternative managers |
2024 – indicative |
£40m to BCPP Series 2 |
£30m to BCPP Series 2
|
£30m to BCPP Series 2
|
6. Commissions Hymans Robertson to carry out third party fund manager evaluations for the non-BCPP commitments set out in Appendix 1 Table 8 (also above) and supports the officer recommendation that a mix of fund managers are included in the market exercise rather than just incumbents and GLIL as recommended by Hymans.