Decision

To APPROVE an investment of up to $100 million (approximately £80 million) in an Investment Fund focussed on high yield credit investments, consistent with the Private Debt Opportunities Type Approval in the Special Opportunities Portfolio, subject to satisfactory completion of outstanding legals.

Reasons for the decision

The Panel oversees the investment of up to 5% of total assets allocated to the Special Opportunities Portfolio (SOP).  Special Opportunities Portfolio strategy and governance operates using a system of “Type Approvals”, each of which details a type of investment that officers believe is appropriate to the objectives of the Special Opportunities Portfolio.  Specific Type Approvals have received the support of the Fund’s Management Panel.  The Investments team is responsible for selecting managers and funds consistent with granted Type Approvals.

The Chief Executive has delegated authority to sign off investments of this nature.