BT Pension Scheme, London, allocated an additional $1 billion to private equity, selecting Hermes GPE to manage the investments, a spokeswoman said Wednesday in an email.
The £54.7 billion ($69.9 billion) pension fund invests both directly with large general partners and indirectly through funds of funds and co-investments. Some 22% of the plan's assets are invested in equities, of which 87% was invested in publicly listed securities and 13%, or about £1.6 billion, was allocated to private equity as of June 30.
The allocation with Hermes GPE is expected to be deployed over three years and split equally between primary investments and co-investments, the spokeswoman said.
As part of the new mandate, the pension fund made a $100 million commitment Tuesday to Hermes GPE PEC IV, a private equity co-investment fund.
