UK - The £1.5bn (€2.2bn) West Sussex County Council pension fund has appointed the Swiss alternative investment house Partners Group as an additional private equity manager, IPE has learned today.
Rosemary Burfoot of the fund told IPE the council has decided to split the private equity mandate between its current manager Pantheon Ventures and Partners Group.
"West Sussex has split its new private equity contract equally between Pantheon Ventures (its existing provider) and Partners Group following the full procurement exercise recently concluded," the fund said in a statement.
In February, the fund announced it was looking for additional managers to achieve its 5% target allocation. West Sussex is adamant though it is satisfied with Pantheon's performance.
The actual amount to be committed at this time will depend on the value of the total fund at September 30 - information which will shortly be available, according to the fund.
"The presumption is that the pension fund will never have an investment of much more than half of what it has committed due to cash being distributed back before the total commitment has been invested," according to West Sussex.
A total commitment of £150m will be required to generate an investment of £75m or 5% of the fund.
West Sussex has already committed £80m to Pantheon Ventures private equity fund of funds' risk managed and diversified portfolio, so a further circa £35m each will now be committed to Pantheon Ventures and Partners Group.
Partners Group last month reported a 27% increase in assets under management and a 69% jump in pre-tax profit for the first half.