Sections

East Sussex allocates 3% to private equity

Related Categories

UK – The £1.2bn (€1.9bn) East Sussex County Pension Fund is allocating 3% of its assets to private equity, tendering the mandates currently managed by Gartmore, including a passive portfolio, and replacing them with a single global active mandate. The move follows its three-yearly actuarial valuation undertaken by Hymans Robertson.

A spokesman for the fund refused to comment on the size of the mandates but stressed that the RFP was not a reflection of Gartmore’s performance. “We are encouraging Gartmore to re-apply. The change is purely based on moving from passive to active management for the relevant mandates. It is in no way a reflection of Gartmore’s performance,” he says.

“We were encouraged in our decision to invest in private equity by the Myners Review, which says pension funds could be a little bit more adventurous with regard to alternatives. But this is fresh ground for us. We will probably start by investing in funds-of-funds as these offer diversification and reduced risk.”

East Sussex recently appointed Northern Trust as global custodian to its pension fund and hopes to have the new investment strategy in place and operating by October.

Have your say

You must sign in to make a comment

IPE QUEST

Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2466

    Asset class: Multi-asset funds.
    Asset region: Global.
    Size: EUR 30m.
    Closing date: 2018-08-16.

  • QN-2467

    Asset class: Search for a broker (mainly ETFs).
    Asset region: Global.
    Size: 250m.
    Closing date: 2018-08-28.

  • DS-2468

    Closing date: 2018-08-24.

Begin Your Search Here