All Private debt articles – Page 4
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NewsBritish Coal scheme taps into UK infrastructure
The British Coal Staff Superannuation Scheme has introduced a new allocation to UK infrastructure and increased its exposure to private debt, as part of its focus on assets that provide diversification, good return prospects and high cash yields.
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OpinionDo not be afraid to say no to weakening covenants in credit
As pension schemes look to derisk their portfolios, many choose to increase an allocation to credit. However, weakening protections in some markets mean a focus on the worst-case scenario may be necessary.
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NewsThales ups alts for predictable cash flows
Trustees of the Thales defined benefit pension fund have taken steps to move away from listed equities and increased the scheme’s exposure to investments with more predictable cash flows.
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Features
Lambeth invests in multi-asset credit
The London Borough of Lambeth Pension Fund has invested around £75m into multi-asset credit from its corporate bonds allocation. It is also weighing up investment in private debt alongside other Local Government Pension Schemes.
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FeaturesBBC matches cash flows after strong 2017 returns
The BBC Pension Scheme has slashed its exposure to equity markets, in an attempt to lock in recent outperformance with liability-driven investment, private credit and alternative matching assets.
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Features
How will scheme exposure to real estate evolve post-Brexit?
Brexit Day is looming, but nobody really seems sure about what the outcome might be, and how the UK is going to get there.
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News
Mid-market direct lending approach 'too constraining', WTW says
Mid-market direct lending is “now demonstrating signs of material deterioration in credit underwriting and future return potential”, according to a report by consultancy Willis Towers Watson, which is instead recommending its clients invest in debt for US real estate and UK commercial real estate.
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Features
Warwickshire cuts hedge funds from portfolio
The £2.1bn Warwickshire County Council Pension Fund has sold off its hedge fund allocation in anticipation of its move into the Border to Coast Pensions Partnership.
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News
Choosing the right derisking path
Analysis: Consultants say bulk annuity pricing has never been so attractive, yet the majority of pension schemes see self-sufficiency as their likely destiny. Who is wrong?
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NewsParliamentary scheme elects alternative credit
The Parliamentary Contributory Pension Fund has introduced a new allocation to alternative credit to further diversify the scheme’s portfolio of return-seeking assets.
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Features
Barnet switches DGFs for property and private equity
The £1.1bn London Borough of Barnet Pension Fund has resolved to cut its 20 per cent allocation to diversified growth funds managed by Schroders and Newton Investment Management.
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FeaturesSouth Yorks plumps for alts as equity concerns bite
The South Yorkshire Pension Fund is trimming its equity exposure and allocating to a range of alternatives, as part of a wide-ranging review that reaffirms the fund’s commitment to environmental, social and governance-based principles.
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FeaturesShipbuilding scheme latest to invest in private debt
The Shipbuilding Industries Pension Scheme has made a £50m commitment to private debt, as investors increase their exposure to this asset class in the search for yield.
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OpinionThe best way to harness illiquidity
Pension schemes are facing tough times. In June, the Pension Protection Fund reported that 74 per cent of defined benefit schemes were in deficit, and this situation has been exacerbated by a prolonged low interest rate environment.
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FeaturesSuffolk scheme fills gaps with greenfield infra
The Suffolk Pension Fund has added to its alternatives allocation, including a commitment to illiquid credit and an investment in a greenfield infrastructure fund, as experts have highlighted the importance of good governance when investing in illiquids.
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FeaturesCornwall agrees new private credit allocation
The Cornwall Pension Fund is set to make an allocation to private credit, an asset class increasingly popular among schemes as tightened bank regulation has opened up a new range of investment options.
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News
Monitoring key as risk creeps into managers’ direct lending strategies
Increasingly complex models of unitranche loan agreements are being brought to market by managers offering direct lending products, a research paper has found, demanding careful governance from pension scheme investors.
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FeaturesMPs’ scheme votes for secured loans over REITs
The Parliamentary Contributory Pension Fund has simplified its property portfolio and invested proceeds in a European loans mandate, with a view to generating income.
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OpinionWhich investments can cash flow negative schemes turn to?
Defined benefit pension funds will face significant pressures in 2017, including market uncertainty and potentially increased volatility. An additional issue many funds will have to grapple with is how to manage their investments as the scheme matures.
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NewsCBI requests reforms to ease DB burden on businesses
The Confederation of British Industry has called for a number of reforms to help tackle the problem of pension costs for companies, including access to illiquid assets and approaches to measuring deficits.