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

APPROVED

 

An investment
of $80 million (approximately £60 million) in an Investment
Fund focussed on high yield securitised credit investments,
consistent with the Main Fund Private Debt Portfolio, subject to
satisfactory completion of outstanding legals. 

Alternative options considered

This investment has been selected
by the GMPF team as part of the annual Private Debt commitment
programme. The team continually reviews the investible universe for
the best investment opportunities. Recent competitor funds have
been assessed but not progressed.