Purpose

An allocation of 3% of Fund
assets to the Greater Manchester Property Venture Fund was ratified
by Panel on 11 July 2025.
 
The proposal is an opportunity
for GMPF to earmark investment of up to £300m, to be
committed alongside suitable patient capital investments, made by
GMCA as part of the 10 year GM Investment Pot
initiative.
 
It is anticipated that any
GMPF commitment will rank higher in the capital structure, than
either the GMCA patient capital or development equity and will take
the form of preferred equity with a fixed coupon rate.
 
CBRE in their role as
non-discretionary manager to GMPVF, will undertake due diligence on
any opportunities and report on the relative investment risk and
appropriate coupon pricing, bearing in mind the relative position
in the capital structure.

Content

DETERMINED
That in
relation to the 3% allocation to Greater Manchester Property
Venture Fund, approved by Panel on 11 July 2025, for GMPF to
earmark up to £300m, to be committed alongside suitable
patient capital investments, made by GMCA via its 10
year GM Investment Pot initiative.
 
Any GMPF
deployment from this outlined commitment, will be subject to
further due diligence and separate Executive Decision.