Decision

DETERMINED that as part of the 5% allocation of Greater Manchester Pension Fund to GLIL an additional £100m be committed, increasing commitments from £1,300m to £1,400m.

Reasons for the decision

An allocation of 5% to GLIL, was re-confirmed by GMPF Management Panel on 14 July 2023 as part of the Investment Strategy Setting.

A series of subscriptions has .taken the GMPF commitment to GLIL to £1,300m out of a total of £3,625m.

The time is apposite for a further increase in the GMPF commitment to GLIL as a consequence of deployment of capital to date, the proposed concurrent increase in commitments of partners and the proven ability of GLIL to deploy capital in attractive opportunities.

This new commitment would take GMPF commitment to £1,400m out of a total GLIL size of £4,100m. GMPF’s total exposure to GLIL representing 4.6% of GMPF Total Assets and 34% of GLIL total.