TPT allocates £800m to new alternatives funds

It plans to launch five more funds this year, covering all major listed and unlisted asset classes.

The company – which oversees TPT Retirement Solutions’ £9.3bn investment portfolio – has allocated approximately £500m to the newly launched Real Assets Fund, which invests in unlisted infrastructure.

The fund includes a 25% exposure to renewable energy helping to support the green transition, TPT said. More than one third of the fund’s assets will be based in the UK, the company added, allowing schemes to support the wider UK economy.

Meanwhile, TPT has invested £300m in the Secure Income Fund, which allocates to private credit and secured financing.

Both funds are managed by Carne Global and are open to other UK pension schemes.

Peter Smith, head of investment at TPT Investment Management, said: “The funds will allow schemes to benefit from asset pooling and provide access to a range of investments that would not necessarily be available as a standalone scheme.

“Our investment team has worked closely with trustees for many decades to deliver a strong performance with robust governance and investment expertise they can trust. Being owned by a pension scheme means we can pass the benefits of our expertise on to other trustees.”

The new funds form part of TPT’s growing consolidation offering to UK defined benefit (DB) schemes. In September, the company launched DB Connect, a bundled governance solution offering fiduciary management, actuarial, covenant, administration, accounting, and secretarial services without having to transfer to a master trust.

The funds also mark a further significant mandate for Carne Global, after it launched a long-term assets fund earlier this year with backing from LifeSight, WTW’s defined contribution master trust.

Jeremy Soutter, chief executive of Carne Global in the UK, said: “This is an exciting development and one that will help transform the way TPT manage their pool of assets to meet their growth ambitions.”