Purpose

The Panel has allocated 5% of
total assets to private equity investments. An annual strategy
report on this activity is approved by the Fund’s Management
Panel. The report includes an analysis of the required pacing of
commitments necessary to maintain the target allocation, whilst
also prescribing appropriate diversification targets for the
portfolio. As part of LGPS pooling, GMPF joined with Merseyside and
West Yorkshire pension funds to form the Northern LGPS and, as part
of this pooling arrangement and under the guidance of the Northern
LGPS Joint Committee, the Northern Private Equity Pool LP (NPEP)
was created to bring together the private equity investing
programmes of the three Northern LGPS funds. GMPF uses NPEP as the
vehicle through which it implements its private equity investment
programme. The Chief Executive of GMPF has delegated authority to
approve private equity investments, including commitments to
NPEP.

Content

APPROVED

 

A commitment of
£130 million to the Northern Private Equity Pool LP to fund
GMPF’s share of expected private equity investments for
2026.

Alternative options considered

GMPF could continue to invest in
private equity in its individual capacity, but the Northern LGPS
Joint Committee has concluded that private equity is an asset class
where there are cost savings and other benefits to be achieved from
pooling.