Issue - meetings

This report provides and update on the Fund’s Private Debt Allocation in the short to medium term.

Sawan Shah (Head of Finance, Pensions) introduced a report from the Corporate Director of Finance & Resources providing an analysis and review of the Fund’s allocation to Private Debt along with proposals for a recommended investment in the LCIV Private Debt Fund II.

The Board noted that the Pension Fund Sub Committee, in considering the report, had also received a supporting presentation from the London CIV on development of their Private Debt Fund II.  Members noted the approach outlined towards maintaining a diversified range of investments across a range of asset classes, which following review of the Fund’s Investment Strategy had included a continued commitment to maintaining of a 5% strategic asset allocation to Private Debt along with the current and long-term target asset allocation and approach outlined towards the ongoing strategic allocation in Private Debt.

In considering the update, the Board were advised that the Sub Committee had also received detailed supporting analysis (as set out in Appendices 1 & 2 of the report) by the Fund’s Investment Advisors (Hymans Robertson) on the LCIV Private Debt Fund II.

Having noted that clarification had also been provided in relation to the overall investment approach and risk exposure as part of the detailed review undertaken by the Brent Pension Fund Sub Committee at their meeting on 19 February 2025 the Board RESOLVED to note and endorse the decision made by the Sub Committee to approve the investment commitment identified within the report to the LCIV Private Debt Fund II and rebalance of the appropriate mandates to move towards the Fund’s strategic asset allocation to fund the investment.

This report provides and update on the Fund’s Private Debt Allocation in the short to medium term.

Following the presentation made on the LCIV Private Debt Fund II, Sawan Shah (Head of Finance, Pensions) then moved on to introduce a report from the Corporate Director of Finance & Resources providing an analysis and review of the Fund’s allocation to Private Debt along with proposals for a recommended investment in the LCIV Private Debt Fund II.

In considering the report, members noted the approach outlined towards maintaining a diversified range of investments across a range of asset classes, which following review of the Fund’s Investment Strategy had included a continued commitment to maintaining of a 5% strategic asset allocation to Private Debt.  In noting the current and long term target asset allocation and approach outlined within the report towards the ongoing strategic allocation in Private Debt, members welcomed the supporting analysis (as detailed in Appendices 1 & 2 of the report) provided by the Fund’s Investment Advisors (Hymans Robertson) on the LCIV Private Debt Fund II.

Having been provided with clarification around the overall investment approach and risk exposure the Sub Committee unanimously RESOLVED to:

(1)  Approve the investment commitment identified within the report to the LCIV Private Debt Fund II.

(2)  Note that following (1) above officers would rebalance the appropriate mandates to move towards the Fund’s strategic asset allocation to fund the investment as set out in section 3.2.17 of the report.