Border to Coast, one of the UK’s eight public sector pension pools, has raised an additional £2.7bn (€3bn) of commitments for its private markets investment programme from the pension funds it serves.
The commitments were from 10 of the 11 partner funds, including the pension funds for Bedfordshire, Durham, East Riding, North Yorkshire, South Yorkshire, and Surrey.
Border to Coast said they represented a 90% increase relative to the commitments for the first two tranches of its alternatives programme combined. The private markets programme now stands at £5.7bn.
The new commitments will be invested over the next year in private equity, infrastructure and private credit.
Mark Lyon, head of internal management at Border to Coast, said: “The increase in commitments by our partner funds reflects the importance of private markets to deliver their investment strategies, and underscores the confidence they have in Border to Coast to deliver the right investment opportunities for them.”
Border to Coast today also announced the final private equity and infrastructure investments for the second tranche of its private markets programme.
It has invested $75m (€62m) in a healthcare fund of specialist Chinese manager C-Bridge, and $50m in a fund run by US-based venture capital manager GreatPoint.
The asset pooling vehicle has also has invested in two infrastructure funds: $125m in EQT Infrastructure Fund V, a global value-add fund, and €115m in Antin Mid-Cap Fund I, a European value-add infrastructure fund.
Border to Coast has deployed £3bn of commitments on behalf of its partner funds since the launch of its private markets programme in May 2019. It is working with investment consultant Albourne to improve the integration of environmental, social and corporate governance factors into private markets.