Content

APPROVE
Consenting
to the LPA Amendments and electing the Stay-in-Place option in
respect of a Private Fund, as described in the accompanying exempt
report and, to delegate to Neil Cooper, Head of Pension
Investments, to execute documentation, subject to satisfactory
legal review of the LPA amendments.

 

Reasons for the decision

GMPF makes commitments to Private
Funds as part of the implementation of its strategies 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.

From time-to-time managers may
present options for early liquidity requiring investors to elect to
accept or reject such liquidity options. From time-to-time managers
propose amendments to Partnership Agreements to facilitate changes
to strategy or other developments, which require investor
consent.

The Chief Executive of GMPF has
delegated authority to approve decisions of this
nature. 

Alternative options considered

GMPF could accept the liquidity
offer.  Implications and risks associated with this are
as described in the accompanying exempt report.