Wales Pension Partnership, Carmarthen, committed £500 million ($611 million) to Schroders Capital for private equity, the latest in its private markets allocations.
The commitment follows allocations last year of about £500 million each in private credit and infrastructure investments, confirmed Anthony Parnell, treasury and pension investments manager at Carmarthenshire County Council.
Schroders' private assets division will manage the allocation as a segregated mandate with a global focus across industries, including health care and technology.
The appointment followed a competitive procurement process run by the pension fund pool and consultant bfinance.
The appointment of Schroders Capital to develop the pool's private equity investment program "will enable efficient and effective access to an illiquid asset class that has been a holding for LGPS funds for many years but that poses challenges in terms of access, cost and governance for single pension fund investors until scale is achieved," said a news release posted on the pool's website.
Wales Pension Partnership's member local government pension scheme funds had total assets of about £23.1 billion as of March 31, £11 billion of which were invested in the partnership's subfunds.
