UK - The £1.2bn Hertfordshire County Council Superannuation Fund is to tender for a £60m private equity mandate.
The investments will be built up over five years, taking private equity up to 5% of all funds under management. The fund already has a small private equity mandate with Permira – formerly known as Schroder Ventures – but Permira has closed its funds to new capital.
Hertfordshire finance manager Jill Digby said funding for the mandate will be sourced from cash inflows. She revealed that the scheme is removing about £36m in property unit trusts from its balanced managers, which include Merrill Lynch Investment Management and Schroder Investment Management. The money will be re-allocated to direct property investments and invested in-house. This move was not advised by the fund’s investment consultants, Mercer.
The scheme is also to conduct a review of its arrangements following Mercer’s appointment last month. Previously Hymans Robertson, Hertfordshire’s actuary, provided investment consulting on an ad hoc basis.
The scheme brought on board a full-time consultant to comply with the changes in the Myners report. Other changes include the adoption of a customised benchmark for its balanced managers and for the fund as a whole. Previously, only its specialist managers had customised benchmarks.
The PPI has unveiled a policy paper outlining current considerations and policy debates relevant to DC scheme default strategies. Kim Kaveh explores some of its views.
The £30bn local government pension pool has appointed Quoniam and Robeco to manage an active equity portfolio worth around £400m.
The volume of insured buyouts from FTSE 100 defined benefit (DB) schemes could increase from £5bn to £300bn by 2029, according to Lane Clark & Peacock (LCP).