Searches and Hires

Strathclyde Pension Fund slates £50 million for 2 funds

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.