Gwynedd and Haringey go into private equity

UK - Two more UK local authority pension funds have committed to investing in private equity, as both the London Borough of Haringey and the Gwynedd Council pension fund have awarded private equity mandates.

The £741m (€1.1bn) Welsh Gwynedd council pension has appointed London-based fund of funds manager Partners Group for a £37.5m private equity mandate to help address its £129m deficit.
Following a strategic review in early 2005, advisers Hymans Robertson suggested a 5% allocation to private equity, leading the fund to tender for the mandate last October.

Gwynedd said it had received nine offers since its tender last year, but awarded Partners at the end of March.

Elsewhere, the north London Borough of Haringey's £447m (€678.5m) pension scheme has appointed Pantheon Ventures for a £30m private equity mandate.

Haringey, which was also advised by Hymans Robertson, appointed Pantheon last month, after receiving seven offers in total.

Earlier this year, the scheme said it is also looking to appoint an active currency overlay manager for a portfolio in excess of £150m.

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