UK pension partnership fully invests debut PE fund

LGPS Central Limited 2018/19 Vintage Private Equity Fund, which held a final close in January, consists of two sleeves: the LGPS Central PE Primary Partnership 2018 LP, which focuses on primary funds investments; and the LGPS Central Limited PE Co-Investments Partnership 2018 LP that targets direct and co-investment opportunities.

The pension pool has also announced that LGPS Central Limited PE Co-Investments Partnership 2018 LP is performing ahead of targets and to date has executed four investments, equating to a deployment figure in excess of 70%.

LGPS Central is one of the eight partnerships between 89 local government pension schemes (LGPS) in England and Wales that collectively invest in assets, in a bid to take advantage of economies of scale.

LGPS Central Limited is the in-house investment manager of the pension partnership, which has around £20bn in assets under management and advice. The nine pension funds have currently around £45bn in assets under management; not all the assets have been regrouped in the pooling vehicle yet.

Only five out of the nine partner schemes have backed the maiden private equity fund, with commitments coming from the Cheshire, Leicestershire, Nottinghamshire, Staffordshire, and West Midlands pension funds.

Unquote understands that LGPS Central is planning to set up and launch annual PE funds, where each fund would have different geographic, strategic and industry targets.

LGPS Central Limited has guidelines to invest 40% directly and 60% via primary funds. Its ticket size is around £20-30m for private equity investments.

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