UK - The National Association of Pension Funds (NAPF) has suggested more accountability by private equity firms could lead to increased pension fund investment in the sector.
The NAPF did however welcome some of the findings made by the Walker Working Group, a report conducted by a British Private Equity and Venture Capital Association (BVCA) created body.
David Paterson, head of corporate governance, NAPF, said: “Overall, the approach of the Walker Group is sensible as it will inject extra transparency and accountability into private equity.”
Paterson added: “However, pension schemes looking to invest in private equity would benefit from better information and agreed reporting standards to reassure themselves that they are investing their members’ money in the best possible place.”
The association agreed whilst there may have been enough information given by private equity firms, the quality of this info was lacking.
The UK Investment Performance Committee (UKIPC) also called for the industry conform to the Global Investment Performance Standards and offered a committee seat to a representative of the UK private equity industry.
Both moves were echoed by the NAPF.
Giles Craven, chairman, UKIPC, said: “A common standard would create a win-win situation as it would benefit both investors and UK and European Private Equity schemes.”
Research from Prequin showed fundraising for private equity firms had slowed in Q3 2007. It said the $91bn in aggregate capital raised by 136 new private equity funds, was the lowest quarterly levels in two years.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.