LGPS Central Limited 2018/19 Vintage Private Equity Fund, backed by UK pension funds, held a final close on January 31st.
This is the first time that LGPS Central, a £40bn partnership of nine local government pension funds, has launched a private equity fund as part of its private equity platform.
The fund comes as a result of six months of comprehensive work to find the right legal structure, obtain regulatory approval and source and implement the necessary finance, IT and operations infrastructure.
Five of the pension schemes participating in LGPS Central have backed the fund, including Cheshire Pension Fund, Leicestershire County Council Pension Fund, Nottinghamshire County Council, Staffordshire Pension Fund, and West Midlands Pension Fund.
The newly created private equity platform at LGPS Central Limited will consist of annual vintages investing in a blend of fund and direct private equity investments. This aims to reduce the high external costs associated with private equity, and increase the risk adjusted returns.
The LGPS Central Limited Private Equity platform is expected to deploy in excess of £2bn over the coming years.
LGPS Central - Omar Ghafur (investment director for private equity); Jason Fletcher (CIO).
GP invests in the software company via Essling Expansion, a fund that recently held a first close
BVA expects to become one of the main market research groups in Europe and reach revenues of €200m
GP sold Ober Scharrer to Nordic last year, generating a 3.6x return on its original investment
NIBC and existing investors including Prime also took part in the round for the SME lender