Decision

To APPROVE, a commitment of £20m to a Social Infrastructure Fund, focused on UK specialist supported housing and other social housing, subject to satisfactory completion of outstanding legal documentation and further assurance as to the benefits regime.

Reasons for the decision

The Panel approved an allocation of up to 1-2% of total assets to the Impact Investment portfolio on 14 July 2023. 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 Director has delegated authority to sign off investments of this nature.