The Pension Policy & Investment Committee (PPIC) was scheduled to meet on Wednesday, 15th October 2025, to discuss a number of investment-related items, including a self-assessment against the Pensions Regulator’s code of practice, investment in gilts, private equity commitment, and a quarterly investment update. The meeting was scheduled to take place at the Civic Centre, Silver Street, Enfield.

Investment in Private Equity

The committee was asked to consider a \$20 million (approximately £14.9 million) commitment to Adams Street Partners' 2025 fund vintage.

According to the report pack, the private equity asset class was underweight by 2.2%. It was noted that investments with Adams Street Partners are currently mature, meaning that the fund is receiving cash from existing investments at a faster rate than new investments are making calls. It was noted that without further investments, the asset class was expected to have a weighting of just 2.5% against a target of 8% by 2030.

The report pack stated that Adams Street Partners has historically been the fund's best performing manager over the past 5 years, returning 15% p.a. compared to the benchmark of 12%. Since inception, the manager has returned 10.8% p.a. compared to the benchmark of 8.4%.

The report pack also noted that from April 2026, the UK Government intends that all LGPS investments should be made via their pooling partners, and for Enfield Council, this is the London CIV¹. It was noted that currently London CIV does not have any private equity products available.

The report pack included a cash flow projection, and suitability advice from Aon.

Investment in Gilts

The committee was asked to consider a recommendation to invest £30 million of surplus cash into the existing Aquila Life All Stocks UK Index-Linked Gilts portfolio with BlackRock.

The report pack noted that the fund currently holds approximately £68 million in cash, representing around 4% of the overall portfolio, against a target allocation of 0% for cash. It was noted that recent market conditions have made UK gilts, particularly Index Linked Gilts, an attractive investment opportunity due to high yields and favourable inflation protection.

The report pack stated that UK gilt yields have reached their highest levels since 1998, driven by poor domestic and international news, illiquid markets, and fiscal concerns. It was noted that despite volatility, long-term expectations suggest lower yields, making current conditions favourable for locking in returns.

The report pack included an advice note from Aon, which stated that:

Investing surplus cash into Index Linked Gilts (ILG) can enhance the portfolio's performance by generating low-risk, inflation-protected returns that surpass those offered by cash holdings and achieve a more efficient use of assets.

Divestment from M&G

The committee was asked to consider a recommendation regarding the proposed secondary sale of the London Borough of Enfield Pension Fund's holding in the M&G Inflation Opportunities Fund (IOF) V.

The report pack noted that Enfield Council is the largest of three remaining investors in the M&G IOF V fund, holding approximately £59 million (53%) of the total £111 million.

The report pack stated that the M&G fund has been restructured into two share classes: IOF A (redeemable assets) and IOF S (segregated ground rents, currently illiquid).

The Pension Regulator (TPR) Self Assessment

The committee was asked to note the findings of a self-assessment conducted to evaluate the Enfield Pension Fund's compliance with the Pension Regulator's (TPR) code of practice.

The report pack stated that in March 2024, the Pensions Regulator combined various codes of practice into a single General Code of Practice which is applicable to most public and private occupational pension schemes, including the LGPS[^3].

The report pack summarised the fund's officers view of compliance with the code, and recorded the findings from the self-assessment by fund officers across all relevant subject areas.

The report pack stated that fund officers concluded that the overall results of the self-assessment indicate the fund is in a strong position, with compliance across various sections of the Pension Regulator's Code being robust, with only a few areas requiring additional attention or action to ensure complete alignment with regulatory expectations.

The report pack noted that there was only one requirement that had a non-completed rating, relating to a skills and experience audit of the board and PPIC to identify gaps and imbalances. It was noted that this would be addressed later in the calendar year when members of the board and PPIC have completed their online training and self-assessment, and results of gaps in knowledge and understanding will be reported back to officers.

Quarterly Investment Update

The committee was asked to note an update on the Enfield Pension Fund investments and their performance as at Q2, 30 June 2025. The report pack also included a paper from the fund's investment advisors, Aon, presenting a market update and investment outlook.

The report pack stated that the value of the fund as at 30 June 2025 was £1,643.7 million, which was a £38.8 million (2.66%) increase in the quarter.

The report pack included details of asset class and manager performance, with significant points noted for equities, bonds, inflation protection illiquids, private equity, infrastructure and property.

The report pack also included details of the fund's strategic allocations, cash position, and an economic & market performance/outlook.

Other Matters

The committee was also scheduled to approve the minutes of the previous meeting held on 30 July 2025, and to note the dates of future meetings.