UK pension partnership BCPP reveals PE investments

The organisation, which has £45bn in assets under management, has launched its private markets offering a year ahead of schedule to meet emerging partner funds' needs, according to a statement.

BCPP 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.

This organisation consists of 12 partner funds, but only eight have committed to its first offering: Cumbria, Durham, East Riding, South Yorkshire, Surrey, Teesside, Tyne and Wear, and Warwickshire.

The partner funds that have not provided commitments to the partnership are Bedfordshire, Lincolnshire, North Yorkshire and Northumberland.

BCPP has secured £500m in commitments as part of its first private equity mandate. Commitments are set to be invested up until 31 March 2020.

The organisation has committed £40m to Palatine Private Equity Fund IV, $60m to Baring Asia Private Equity Fund VII, and $40m to GreatPoint Innovation Fund II, gaining the organisation exposure across Europe, Asia and North America. These commitments also offer exposure to a number of sectors, including healthcare and technology, among others.

Unquote has previously reported that BCPP targets global exposure in private equity across North America, Europe and Asia. The organisation is interested in investing in buyouts, special situations, growth and venture strategies. 

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