Purpose

GMPF makes commitments to Private
Funds as part of the implementation of its Impact strategy in
respect of asset classes such as Private Equity, Infrastructure,
Property and Private Debt. Such Private Funds are governed by
agreements that lay out the rights and responsibilities of
investors and managers in respect of each fund. The Chief Executive
has delegated authority from the Fund to approve the granting of
consent to requests of this nature.

Content

APPROVED

 

proceeding with
a managed transfer process, for the assets held within a Private
Debt Fund, that forms part of the Impact portfolio, and for GMPF to
incur legal fees up to £50k to facilitate the transfer, which
are to be repaid to GMPF as a priority payment from any proceeds
generated from a future asset disposal.

Alternative options considered

The Local Investments team has
considered retaining the Fund Manager to manage out the remaining
assets or writing off our investment and exiting the fund. Further
consideration is included in the paper.