Border to Coast Pensions Partnership, Leeds, England, will invest up to £10 billion ($12.5 billion) over the long term in private equity and infrastructure, the £46 billion pension fund said on its website Wednesday.
Border to Coast will initially invest £500 million in private equity. Investments will be selected over the next year to build a diversified global private equity portfolio across buyout, special situations, growth and venture capital strategies.
Similarly, Border to Coast will initially invest £675 million in infrastructure, starting over the summer and continuing over the next nine months, with managers that offer core, core-plus and value-added/opportunistic strategies.
"I am grateful to Mark Lyon, our head of alternatives, and the wider Border to Coast team for their hard work and dedication in setting up our alternative investment platform in such a tight time frame, which will allow us to begin investing into the exciting range of opportunities we are currently reviewing," CIO Daniel Booth said in a news release.
BCPP oversees the investment of assets for the Bedfordshire Pension Fund, Bedford; Cumbria Local Government Pension Scheme, Carlisle; Durham County Council Pension Fund; East Riding Pension Fund, Goole; Lincolnshire Pension Fund, Lincoln; North Yorkshire Pension Fund, Northallerton; Northumberland County Council Pension Fund, Morpeth; South Yorkshire Pension Fund, Barnsley; Surrey Pension Fund, Kingston upon Thames; Teesside Pension Fund, Middlesbrough; Tyne and Wear Pension Fund, Sunderland; and Warwickshire County Council Pension Fund, Warwick.