Postal fund parcels out £450m to venture firms
UK – Post Office Pension Trustees Limited (POPTL), the manager of the £16bn (e26bn) UK Post Office pension fund for postal group Consignia, has completed a £450m expansion of its private equity allocation by bringing on board three new managers.
The three new fund of funds manager appointments, two global and one eurocentric, raise the funds exposure to venture capital up to 3% of its total asset value.
Los Angeles based Pathway Capital Management, and Bala Clywyd, Pennsylvania based Hamilton Lane Advisors were given the global briefs and London based Pantheon Ventures was awarded the European portfolio.
The sizes of the individual mandates have not been revealed.
The trustees received tenders from 20 fund of funds managers, visited 13 of them and selected the managers from a short-list of seven.
POPTL currently uses 14 managers overseeing 34 different portfolios.
Private equity advisers Campbell Lutyens were consulted in the selection process.
The Post Office pension fund invests the assets on behalf of Consignia - formerly The Post Office Group.
The pension schemes are the Consignia Pension Plan, a defined benefit scheme closed to new members, and the Consignia Retirement Savings Plan, a defined contribution scheme.