Border to Coast Pensions Partnership, Leeds, England, announced commitments to five alternatives funds, the £45 billion ($58 billion) pool of local government pension schemes said Wednesday.
In infrastructure, Border to Coast committed $125 million to Brookfield Infrastructure Fund IV, managed by Brookfield Asset Management, and $60 million to Global Infrastructure Partners Fund IV, which invests in the energy, transport, and water and waste sectors
In private equity, the pension fund committed $60 million to Baring Asia Private Equity Fund VII, a buyout fund managed by Baring Private Equity Asia, £40 million to Palatine Private Equity Fund IV, which focuses on the lower midmarket in the U.K., and $40 million to GreatPoint Ventures Innovation Fund II, an early stage venture capital fund that focuses on investments in enterprise software, food and nutrition, digital health and life sciences companies.
The pension fund also plans to commit an additional £1.8 billion over the next 18 months to private equity and infrastructure.
Border to Coast has secured £581 million of commitments from eight LGPS funds for private credit, which will be invested globally before March 2021 across direct lending, real assets, mezzanine/specialty and stressed/distressed debt.
Having secured £500 million of commitments from eight funds, Border to Coast will by March 31, 2020, invest in a diversified global private equity portfolio across buyout, special situations, growth and venture capital strategies.
Some £675 million will also be invested beforehand in diversified global infrastructure across core, core-plus and value-added/opportunistic strategies.
"We have engaged with a number of high-quality managers and look forward to developing these relationships further. We very much appreciate the confidence shown in Border to Coast by our partner funds, with larger-than-anticipated commitments," CIO Daniel Booth said in a news release.