Agenda and decisions

Investment Subcommittee - Wednesday, 12 October 2022 10.00 am

Venue: Sparkenhoe Committee Room, County Hall, Glenfield

Contact: Mr. M. Hand (Tel. 0116 305 6038)  Email: matthew.hand@leics.gov.uk

Items
No. Item

1.

Minutes of the previous meeting. pdf icon PDF 216 KB

2.

Question Time.

3.

Questions asked by members.

4.

Urgent items.

5.

Declarations of interest.

6.

Strategic Asset Allocation Update and Cash Deployment Plans. pdf icon PDF 366 KB

Decision:

That the report be noted.

 

7.

Date of Next Meeting - 14 December 2022 at 10.00am.

9.

Recommended Investment into LGPS Central and Partners Private Debt Products.

Representatives from LGPS Central will provide a presentation as part of this item. Copies of the slides are attached.

 

Decision:

a)    That a commitment of £140m to the LGPS Central Low Return Sleeve be approved;

 

b)    That a commitment of £80m to the LGPS Central Real Assets Sleeve be approved subject to officer discussion regarding the target return and investment strategy changes for the fund reflecting current market conditions;

 

c)     That a commitment of up to £60m to Partners MAC 7 Vintage be approved, subject to the Leicestershire Fund being no more than 20% of total MAC 7 commitments, with any unused commitments up to the maximum £60m to be taken into account for the 2024 private debt;

 

d)    That the following commitments be made in 2023/2024:

 

                           i.    Subject to a minimum fund raise by Central of £900m an additional £180m to be committed to the new LGPS Central Low Return Sleeve.  If the current Sleeve’s end date is extended, then this minimum fund raise of £900m will not apply given the size of the existing commitments;

 

                          ii.    Up to a total of £100m commitment to the LGPS Central Real Assets sleeve subject to the Leicestershire Fund being a maximum of 20% of the total sleeve.  Any unused commitment up to the maximum £100m to be taken into account for the 2024 private debt proposal.

 

e)    That the commitments set out above be funded from existing cash resources where possible and that the Director of Corporate Resources, following consultation with the Chairman of the Local Pension Committee, be authorised to divest overweight positions back to the Strategic Asset Allocation target to fund any remaining commitments.