Purpose

The Panel has allocated up to 5% of total assets to
Private Debt. The 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.  The Private Markets 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.

Content

To APPROVE
an investment of up to £125 million in a Private Debt Fund,
subject to satisfactory completion of outstanding
legals.