Tyne and Wear Pension Fund, South Shields, England, committed £30 million ($38 million) to Foresight North East Fund managed by private equity manager Foresight Group.
The fund invests in growth companies across all sectors, stages and transaction types in England's Durham, East Riding of Yorkshire, North Lincolnshire, North Yorkshire, Northumberland, Tyne and Wear, Teesside and West Yorkshire counties. Its aim is to accelerate economic growth, deliver positive social and economic impact, and create local jobs.
"Similar to Foresight, we see great potential in the businesses located across the region. Through this investment, we are delighted to contribute to creating high-quality, local jobs, positively impacting the local economy, and, ultimately, positively contributing to the pensions of people in Tyne and Wear," Anne Walsh, chairwoman of the pensions committee at South Tyneside Council, said in a news release.
A spokesman for the £10.7 billion pension fund could not be immediately reached.