GLOBAL - US private equity fund manager HarbourVest Partners has broken the US$1bn barrier from UK pension funds.
Key mandates won in the last six months include a £30m brief from Shropshire Council County Council Pension Fund, £25m from the Cambridge Council pension fund and £7m from the London Borough of Newham.
HabourVest Partners managing director George Anson said there had been massive growth in interest from UK pension funds for private equity in the last two years.
He said: “While the asset class is new to them [pension funds] we are not new to the asset class. We are the largest and one of most established players in the private equity funds business and I think that is one of our attractions.”
He added: “We are one of the few [private equity houses] that offer a global exposure to private equity.
“Whereas many specialise in the US or the European market, we have an established presence in all the equity markets worldwide.”
PTL has appointed Karein Davie as a client director in its Birmingham office.
The level of interest rate hedging increased to £29.5bn of liabilities in the second quarter as pension funds continued to de-risk, according to BMO Global Asset Management's research.
UK inflation has risen for the first time since November to 2.5% in July, up from 2.4% in June, thanks to rising fuel costs and the price of computer games.
The number of DB pension scheme trustees targeting a buyout with an insurer has increased significantly in the past five years, latest research from Willis Towers Watson shows.