Border to Coast outlines strategy for PE

BCPP targets global exposure in private equity across North America, Europe and Asia. The focus is on a diversified portfolio of strategies, including buyout, venture and growth, as well as distressed and opportunistic.

"The majority of our partner funds will be making a commitment to private equity at launch, and it is expected that all the 12 funds will make commitments in the future," a BCCP spokesperson told Unquote.

Established in 2018, BCPP oversees the investments of the pension funds of Bedfordshire, Cumbria, Durham, East Riding, Lincolnshire, Northumberland, North Yorkshire, South Yorkshire, Surrey, Teesside, Tyne & Wear and Warwickshire. The member funds have decided to pool their assets in a bid to enjoy cost-saving via economies of scale, improved governance and enhanced approach to responsible investments.

The Teesside pension fund, one of BCPP's members, has approved an initial private equity commitment of £100m to be made through BCPP, with investments of £50m made over the subsequent four years. The pension scheme also considers options for investing in private equity via secondary market funds, at an amount of up to £200m.

The Teesside pension fund has a target allocation of 15% in alternatives investments, including private equity. It plans to reduce its exposure to equities in a bid to increase its investments in alternatives.

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