Border to Coast Pensions Partnership, Leeds, England, invested about $486 million to seven private equity funds.
The U.K. local authority pension fund pool made the following investments:
- $100 million in the Neuberger Berman Co-Investment Fund IV, which is run by Neuberger Berman and invests in opportunities in middle-market companies;
- $60 million in Greenspring Opportunities Fund VI, run by Greenspring Associates, which is focused on U.S. late stage venture capital;
- $75 million in StepStone Secondaries Opportunities Fund IV, run by StepStone Group and focusing on secondaries globally;
- $90 million in Hg Saturn Fund II and €35 million ($41 million) in Hg Genesis Fund IX, both run by Hg Capital and focused on European software midmarket companies;
- $70 million in Blackstone Life Sciences Fund V, run by Blackstone Group, which is focused on pharmaceutical and biotech companies;
- $50 million in Digital Alpha Fund II, which is run by Digital Alpha and focuses on digital infrastructure.
In a news release Wednesday, the £46 billion ($59.4 billion) partnership said it has invested £500 million in private equity funds to date, including earlier commitments to GreatPoint Innovation Fund II, Palatine Private Equity Fund IV and Baring Asia Private Equity Fund VII.
Border to Coast will commit a further £485 million in member fund assets to private equity funds by March 31.
"Private equity is an important asset class for our partner funds, helping them to build a diversified portfolio, while delivering a return that isn't directly correlated to equity market returns. Due to our collective size we have been able to access high quality investments that will allow our partner funds to deliver their strategic asset allocation strategies," CIO Daniel Booth said in the release.
