Decision

That approval be given that as part of the 5% allocation of Greater Manchester Pension Fund to GLIL the Rock Rail sale proceeds are re-invested increasing commitments from £1,550m to £1,616m. 

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 £1,550m out of a total of £4,600m.

The Net Asset Value of GMPF’s investment into GLIL is £1.2bn, as at 31 March 2026. This represents 3.2% of the 5% allocation.

GMPF’s total committed capital exposure to GLIL represents 4.6% of GMPF Total Assets and 34% of GLIL total.

Alternative options considered

A number of investment strategy options were taken into account when considering the overall asset allocation for the Fund and making the allocation to GLIL.