Issue - meetings

Alternatives

Meeting: 07/03/2022 - Pension Fund Investment Sub-Committee (Item 11)

Alternatives Commitments

Additional documents:

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.