Wales Pension Partnership, Carmarthen, hired Russell Investments and Hamilton Lane for a private credit program, the organizations said in a joint news release Wednesday.
The size of the mandate was not available.
Wales Pension Partnership is the pool for eight local government pension funds in Wales. It had assets of £21.6 billion ($29.7 billion) as of March 2021, according to the most recent annual report. Of that, £5.2 billion was in insurance policies held by the eight pension funds, and the remaining assets are in the process of being invested within subfunds.
The private credit mandate RFP was conducted by bfinance and Carmarthenshire County Council, the host authority for the pool.
Russell Investments and Hamilton Lane will manage a private credit strategy that will focus on diversification across investment strategies, sectors and geographies, with particular focus on sustainability, according to the news release.
"As investment markets become more complex, we realize that private markets will continue to play a vital role in helping our constituent authorities meet their long-term goals," said Chris Moore, director of corporate services for Carmarthenshire County Council, in the release.
A call to Mr. Moore was not immediately returned.
Russell Investments was first hired as an investment manager for the pension pool in 2018. It manages more than £8 billion of WPP's pooled assets across equities, fixed income and private markets portfolios, the release said.
