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To APPROVE, a
commitment of £10m to a Housing Fund, focused on provision of essential worker
rental housing at scale in Greater Manchester, subject to satisfactory
completion of outstanding legal documentation.

Reasons for the decision

The Panel approved an allocation of up to 1-2% of total assets to the
Impact Investment portfolio on 19 July 2024. The report included an analysis of
the required pacing of commitments necessary to meet the target allocation
within a reasonable timeframe, whilst also prescribing appropriate
diversification targets on the portfolio. The Local Investments team is
responsible for selecting managers and funds consistent with the approved
strategy.

The Director has delegated authority to sign off investments of this
nature.