Content

To APPROVE that an investment of USD $100
million (circa GBP
£80 million) into a Global opportunistic property
fund.

Reasons for the decision

The
Fund’s allocation to ‘Overseas’ property has been
in place for a number of years and was re-confirmed as part of the
presentation made to Policy and Development Working Group on 22
June 2023.

Following a
thorough market review and due diligence process undertaken by the
in-house property team, which is documented by way of an Investment
Report and cross referenced to a standardised checklist used by the
Overseas Property Investments Team, this report seeks approval for
GMPF to progress with the proposed commitment to a well-established
US, diversified, closed-ended, opportunistic property
fund.

The
proposed investment fits in with the Pacing Model that was
originally agreed by the Property Working Group on 14 July
2023.
The Executive
Decision 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.