On the go: The £38.3bn Border to Coast Pensions Partnership, which handles the assets of 11 Local Government Pension Scheme funds worth a collective £60bn, has made initial commitments to its second private markets programme, first launched in April 2022.
The pool committed £2.2bn in the period between April 1 and September 30 2022 to funds across private equity, infrastructure, private credit and climate opportunities, as part of its £4bn, second series private markets programme.
According to BCPP, energy transition and supporting investments that further decarbonisation goals, digital revolution and assets that support growth in data and digital communication, and growth opportunities in emerging markets are among the key areas of focus for investment.
The initial commitments also contribute to the £1.4bn climate opportunities offering within the second series, which will be invested over a three-year period and will target investments that have a material positive impact on climate change and support long-term net zero carbon emission goals.
BCPP deputy chief investment officer Mark Lyon said: “We are proud that our proactive work to fund solutions to the climate crisis has also resulted in significant commitments made as part of our climate opportunities portfolio.
“The private markets programme enables partner funds to access diverse, long-term opportunities while supporting the transition to a lower-carbon future.”
The private markets programme “Series 2A” commitments to September 30 2022 include a $150mn (£123mn) commitment to the Brookfield Asset Management’s Brookfield Global Transition Fund, a $144mn commitment to the Blackstone Green Private Credit Fund, and a $110mn commitment to General Atlantic’s BeyondNetZero fund within the Climate Opportunities portfolio.
Within the private equity portfolio, $65mn was committed to Hg Saturn III, €60mn (£51.7mn) has been committed to Hg Capital’s Hg Genesis X, €110mn was committed to Nordic Capital, $115mn to Platinum Equity Capital Partners VI, $60mn to EQT Ventures III, and $120mn to Stepstone Secondaries Opportunities V.
Infrastructure commitments include $175mn to Icon Infrastructure Partners VI, $230mn to Brookfield Infrastructure Fund V, $180mn to KKR Asia Pacific Infrastructure II, and $60mn to DigitalBridge, Project MacGregor.
Furthermore, a $310mn commitment was made to Brookfield Infrastructure Debt III and a $276mn commitment was made to HPS Investment Partners’ HPS Strategic Investment Partners V within the private credit portfolio.
BCPP head of alternative investments Ian Sandiford said: “Through our programme, we have continued to secure access to quality, established private market managers on behalf of our partner funds.
“Our collective scale means we can drive value for money while securing access to innovative opportunities in private markets with the potential for enhanced long-term returns.”
This article originally appeared on MandateWire.com
