NETHERLANDS - Stichting Pensioenfonds TNO, the e1.3bn Dutch corporate pension fund, is expected to hire a new private equity manager shortly.
The fund is searching for e12-20m private equity managers and the new managers are expected to be in place by August this year.
TNO’s director Eric van Ballegooijen said that the fund was pleased with the performance of its private equity managers and had decided to increase its allocation to the asset class.
The fund has around seven managers, with only one fund of fund manager, running around e55m of the portfolio. The fund plans to invest a further e95m, which will take its total allocation to the asset class to around 12% from 5%.
Current private equity managers include AIG, Dutch-based Gilde, HarbourVest, Carlilse, Coller, London-based Mezzanine Management and Parthenon Capital. TNO is also expected to tender for e25 - e50m high-yield managers. The fund is also considering allocating 3-5% apiece to emerging markets and US-small cap equities and may tender for managers in these asset classes later this year, if approved by the fund’s board.
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.