Greater Manchester Pension Fund, Ashton-under-Lyne, Lancashire, England, will increase its exposure to U.S. and British venture capital funds and is exploring investing in similar projects in Asia and the Far East, said principal investments officer Steven Taylor. From next January, the £6 billion ($9.6 billion) fund will aim to invest 3% of assets in venture capital funds. Two percent of the fund is earmarked for venture capital, but only 1.7% currently is invested. The funds investment officers have discretion to choose which venture capital funds in which to invest but also work with external advisers Westport Private Equity. The funds trustees voted earlier this month to increase the asset allocation in order to get more meaningful returns, as venture capital is a difficult and time-consuming asset class to manage, said Mr. Taylor.