UK - Surrey County Council Pension Fund is halfway to completing its private equity awards, worth between £30-50m, according to its chief finance officer Mike Taylor.
The scheme has so far invested in three annual limited partnerships and aims to allocate the rest of the money over the next two and a half years.
Up to £12m has gone to Friends Ivory & Sime Private Equity, renamed Isis Capital. Two global fund of funds have also benefited - one from Goldman Sachs, the other Merrill Lynch’s MUST4. Taylor declined to disclose the exact investments in these, but said together the three mandates put Surrey at the “halfway” stage in its private equity programme. Watson Wyatt advised.
Separately, Taylor confirmed Surrey is looking at taking legal action against Merrill Lynch Investment Managers (MLIM) for underperformance - following MLIM’s settlement last week with the Unilever pension scheme - and said a decision on this would be made in the New Year.
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