Purpose

The Panel has allocated up to 5% of
total assets to Private Debt. The report includes an analysis of
the required pacing of commitments necessary to meet the target
allocation within a reasonable and sensible timeframe, whilst also
prescribing appropriate diversification targets on the
portfolio.  The Private Markets team is
responsible for selecting managers and funds consistent with the
approved strategy.
The Chief Executive has delegated
authority to sign off investments of this nature.

Content

RESOLVED
That an investment of $80 million
(approximately £60 million) in an Investment Fund focussed on
high returning credit related investments be approved.