The Wales Pension Partnership (WPP), a collaboration of the eight Local Government Pension Scheme (LGPS) funds in Wales, has appointed Schroders Capital, the specialist private assets division of the Schroders Group, for a £500m (€567m) private equity mandate.
The global private equity segregated mandate will have a global investment focus, allocating across a number of industries including healthcare and technology encompassing primaries, co-investments and secondaries within multiple sectors from venture to turnaround, it was disclosed.
Schroders Capital’s appointment followed a rigorous and competitive procurement process run by WPP alongside investment consultancy bfinance.
Chris Moore, director of corporate services at Carmarthenshire County Council, the host authority for the WPP, said: “Private equity has been an important holding for the WPP constituent authorities but has historically been challenging to access in a cost effective manner. Pooling offers the opportunity to address this.”
Tim Creed, head of private equity investments at Schroders Capital, added: “Schroders Capital has a long-standing investment expertise and history of robust performance and we will be committed to identifying and delivering investment performance in partnership with WPP.”
Paul Myles, Schroders’ business development director, private assets, said: “We look forward to building on our existing relationships with many of the Welsh LGPS and working with WPP to offer a private equity portfolio that aligns with their financial return requirement and at the same time incorporates a robust responsible investment framework to ensure the portfolio meets WPP’s requirements not only today but for many years into the future.”
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