NEW ZEALAND - The NZ$6.4bn New Zealand Superannuation Fund has announced it has committed $23.75m to the new AMP Pencarrow Private Equity Fund, its first private equity commitment since it began investing in September 2003.
The $75m AMP Pencarrow Private Equity Fund will invest in local management buyouts and expansion capital transactions. Other investors include Australian fund of funds investor, Quay Partners, and AMP Life.
In March, the New Zealand Superannuation Fund stated its intention to invest up to $100m in local private equity funds, or related transactions, over the next three to five years. It also announced the appointment of specialist advisory firm, Quentin Ayers, to review investment opportunities in the New Zealand private equity market.
The decision to invest in the AMP Pencarrow Fund followed a detailed review by Quentin Ayers, said New Zealand Superannuation Fund chief executive Paul Costello. The key factor was the manager's track record in this area, which gives us confidence in their future performance.
The AMP Pencarrow Fund aims to be fully invested within five years, with investment commencing in quarter two of 2005/2006.
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.