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That approval be
given that as part of the 5% allocation of Greater Manchester
Pension Fund to GLIL an additional £150m be committed,
increasing commitments from £1,400m to
£1,550m.

 

Reasons for the decision

An allocation of 5% to GLIL, was
re-confirmed by GMPF Management Panel on 14 July 2023 as part of
the Investment Strategy Setting.

A series of subscriptions has taken
the GMPF commitment to GLIL to £1,400m out of a total of
£4,100m.

The time is apposite for a further
increase in the GMPF commitment to GLIL as a consequence of
deployment of capital to date, the proposed concurrent increase in
commitments of partners and the proven ability of GLIL to deploy
capital in attractive opportunities.
This new commitment would take
GMPF commitment to £1,550m out of a total GLIL size of
£4,600m (tbc). GMPF’s total exposure to GLIL
representing 4.6% of GMPF Total Assets and 34% of GLIL
total. 

Alternative options considered

The Panel considered a number of
investment strategy options when considering the overall asset
allocation for the Fund and making the allocation to
GLIL.