Warwickshire County Council Pension Fund, Warwick, England, hired HarbourVest Partners to manage a private equity fund-of-funds strategy totaling up to £60 million ($97 million), said Mathew Dawson, principal accountant in the fund’s treasury and pensions group.
The mandate is the £1.2 billion fund’s first investment in private equity. Funding will come from reducing the fund’s passive allocation, Mr. Dawson said, though he declined to specify which managers will see reductions. Warwickshire currently has three passive managers: BlackRock runs a £205 million global multiasset strategy; Legal & General Investment Management handles a £162 million global equity portfolio and a separate £140 million U.K. fixed-income strategy; and SSgA manages a £166 million U.K. equity portfolio.
Hymans Robertson advised. The search was initiated in March 2010.
Mr. Dawson added that fund officials are planning to conduct an asset-liability management review later this year.