Searches and Hires

Worcestershire pension fund commits £140 million, including first private debt allocation

Worcestershire County Council Pension Fund, Worcester, England, hired EQT to manage a 65 million ($92.5 million) allocation to corporate private debt, a spokeswoman said.

The 1.9 billion pension plan will invest in private debt for the first time, the spokeswoman added. "We disinvested some of our monies in our current passive Legal & General (Investment Management) equity fund in line with our pensions investment strategy," she said. Consultant bfinance assisted with the manager selection.

Separately, the pension fund committed 25 million to Hermes Infrastructure Fund II, managed by Hermes Investment Management. It also made additional commitments of 25 million each to funds managed by First State Investments and Stonepeak Infrastructure Partners. The pension originally committed 75 million to each of the funds, which were not named.

Worcestershire had 49% of assets in pooled investments, 35% in equity and 6.3% in fixed income as of March 31, 2017. In addition, it had 4.6% in property, 3.7% in infrastructure investments and 1% in cash as of the same date. The remainder was in derivatives.