Northern Pool launches £720m PE vehicle

The fund manager, which comprises Merseyside Pension Fund, Greater Manchester Pension Fund and West Yorkshire Pension Fund, will make the commitments over the course of 2018 and 2019, according to publicly available documents. Merseyside Pension fund will contribute £160m towards the new vehicle.

Merseyside's chairperson Paul Doughty said in a recent statement that Northern Pool was "close to formalising governance arrangements".

Northern Pool, previously known as Northern Powerhouse Pool, was established in line with the UK government's policy for local government pension scheme pools (LGPS). The grouping of pension funds formed part of an effort to increase the firepower of the 89 local pension schemes' capital, while bringing down costs and resources.

NPEP is intended to provide fee savings resulting from larger commitment sizes, in addition to a reduced reliance on funds-of-funds, increased opportunities for co-investment and a consolidated private equity investment team.

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