UK - The circa £3.6bn (US$6.9bn) London Pensions Fund Authority (LPFA) has awarded incumbent manager European Credit Management (ECM) £25m.
Vanessa James, investment director at the scheme, told MandateWire: "We thought that the time was right for that, given the way credit spreads had gone and the duration of that fund.
"Unless it's the end of the world rather than a small recession, we think probably that's going to be a good investment in the medium term. But it's not something we would normally put in the actual sub-fund."
ECM is also one of the managers handling the cash-flow matching portfolio of LPFA's other fund, the Pensioner Sub-Fund.
In April, investment manager Philip Jones told MandateWire the scheme was going to create a satellite fund for opportunistic investments, but James now disclosed: "We actually created two funds: one's called a satellite fund - which is in quoted space if you like - and we've got one called an opportunistic fund, which is in non-quoted space."
Each fund may account for up to 5% of the total assets - up to £125m - although as these are created as vehicles for tactical moves, this does not need to be the case.
As James explained: "It's for the medium term, or for an investment that we wouldn't want to have as a core investment, putting 15% of the fund in or something."
She added: "But the things could be zero if we wanted them to be - they don't actually have to happen, but we have a facility if we see some opportunities to do that."
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