Decision

That approval was given for a commitment of £15m to a Social Infrastructure Fund and £15m to a related North West Co-Investment Vehicle, subject to satisfactory completion of outstanding legal documentation.

Reasons for the decision

The Panel approved an allocation of up to 1-2% of total assets to the Impact Investment portfolio on 11 July 2025. The report included an analysis of the required pacing of commitments necessary to meet the target allocation within a reasonable and sensible timeframe, whilst also prescribing appropriate diversification targets on the portfolio.  The Local Investments team is responsible for selecting managers and funds consistent with the approved strategy.

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

Alternative options considered

The Local Investments team regularly review social infrastructure funds and Managers on an on-going basis. Recent competitor funds have been assessed but not progressed at this stage.