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Border to Coast announces private equity allocations

private equity, LGPSThe Border to Coast Pensions Partnership, a group of 11 UK local authority pension funds, has announced the appointment of nine private equity managers.

The fund is investing £1 billion (€1.1 billion) in private equity, which is sourced from eight of the 11 local government pension schemes.

Border to Coast said the collective size had enabled the investment.

Initially, £500 million of investments has been invested through the nine managers and a further £485 million has been secured and will be invested in the period to March 31, 2021.

The nine investments for the first round of funding include: GreatPoint Innovation Fund II ($40 million); Palatine Private Equity Fund IV (£40 million); Baring Asia Private Equity Fund VII ($60 million); and Neuberger Berman Co-Investment Fund IV ($100 million).

Border to Coast chief investment officer, Daniel Booth, said: “Private Equity is an important asset class for our partner funds, helping them to build a diversified portfolio, while delivering a return that isn’t directly correlated to equity market returns.  Due to our collective size we have been able to access high quality investments that will allow our partner funds deliver their strategic asset allocation strategies.”

The other investments in the first round are: Greenspring Opportunities Fund VI ($60 million); StepStone Secondaries Opportunities Fund IV ($75 million); Hg Saturn Fund II ($90 million) and Hg Genesis Fund IX (€35 million); Blackstone Life Sciences Fund V ($70 million); and  Digital Alpha Fund II ($50 million).

Border to Coast has £46 billion of total assets under management.

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