Strathclyde Pension Fund, Glasgow, Scotland, committed a total of £50 million ($65 million) to two funds, a spokesman for the £21.8 billion pension fund confirmed.
The pension fund's investment committee on Wednesday approved a £30 million commitment to Beechbrook U.K. SME Credit II, which is managed by Beechbrook Capital. The fund provides loans to U.K. regional businesses in the lower-midmarket segment. The fund provides senior secured debt finance to lower-midmarket companies with turnover in the range between £10 million and £50 million.
The largest Scottish pension fund also committed £20 million to venture capital fund Par Equity HealthTech Fund, which is run by Par Fund Management. The fund invests in early-stage, high-growth, health technology companies in the U.K. and U.S. that are building new diagnostic, treatment or monitoring clinical technologies.
Strathclyde has £750 million in its direct investment portfolio, which comprises infrastructure, renewable energy, debt capital, and growth and venture capital investments. The direct investment portfolio constitutes around 5% of the overall asset allocation.