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.”
The Co-operative Group's Somerfield Pension Scheme has completed a buy-in with Pension Insurance Corporation (PIC), insuring the benefits of its pensioner members.
Caroline Rookes CBE and Michele Hirons-Wood have joined The Pension Superfund's board of trustees to focus on maintaining governance standards and safeguarding member benefits.
The first specialist independent firm advising pension schemes on bulk annuities or moving to a consolidator has been set up with ambitions to shake up the market.