The UK’s ACCESS local authority pension asset pool is planning to issue a tender for advisory services to assist the asset owner with the implementation of various illiquid asset structures.
“ACCESS’s ambition is to enable the local authorities in the pool to invest in new illiquid opportunities, and the process is now underway to appoint an implementation adviser through the LGPS National Framework for Investment Management Consultancy Services,” a spokesperson for the pool told IPE.
“The appointed consultant will support the implementation of the pooled illiquid asset structures. This process will commence during this year, and ACCESS will make further announcements as appropriate,” the spokesperson added.
The decision was formulated during a joint committee meeting earlier this month following a report on the progress made in developing pooled illiquid asset investment solutions for four asset classes – private equity, private debt, infrastructure and real estate.
During the meeting, Sam Gervaise-Jones from consultancy bFinance, outlined a recommended solution for each individual asset class.
There was no common model across the classes, and their implementation would be gradual with support from an implementation consultant, according to meeting minutes.
The pool, which covers more than £31bn of pension assets over 11 local government pension scheme (LGPS) authorities, is also looking to focus on launching its remaining eight sub-funds. It launched seven in February.