UK - The £1.2bn Hertfordshire County Council Superannuation Fund has released details of a new private equity tender.
The fund is looking for one or more fund of funds or gatekeeper managers to oversee a £55m commitment. Investments will be released over a five year period.
The move will take Hertfordshire’s private equity allocation to a total of 5%. 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.
In August Hertfordshire’s finance manager Jill Digby said funding for the mandate will be sourced from cash inflows.
More and more UK pension funds are expected to make private equity allocations. In 1999 Prime Minister Tony Blair said that he expected schemes to commit at least of 5% of total funds to private equity.
Between 5-10 service providers will be invited to tender for Hertfordshire’s brief. The contract will start on April 1, 2003, for an unspecified period.
The fund is advised by Mercer Investment Consulting.
Investors, driven by depressed interest rates, slower global economic growth and rich equity market valuations are examining non-traditional investment opportunities.
The registration deadline for the Workplace Savings & Benefits Awards 2019 is today.
This week's top stories were the DWP giving the green light to CDC and TPR granting extensions for 11 master trust authorisation applications.
Susan Martin says building strong foundations for business are the only way forward as the pensions industry is radically shaken up