Decision

To APPROVE waiving a specific consent right in the Limited Partnership Agreements (LPA) of certain Private Funds, as described in the accompanying Exempt Decision Report and, if applicable, to delegate authority to Neil Cooper, Head of Pension Investments (Private Markets), to execute the relevant documentation.

Reasons for the decision

GMPF makes commitments to Private Funds as part of the implementation of its strategies in respect of asset classes such as Private Equity, Infrastructure, Property and Private Debt.  Such Private Funds are governed by agreements that lay out the rights and responsibilities of investors and managers in respect of each fund.

From time-to-time managers seek to amend, or seek waivers of, the terms of such controlling agreements to reflect changes in circumstances that have occurred, or are expected to occur, throughout a fund’s life.  In some such circumstances, these changes can alter the financial risk exposure of GMPF in a manner that was not envisioned at the time of the original commitment, nor as provided for in the relevant agreement, as drafted, at the time of original investment. 

The Director of Pensions has delegated authority to approve the granting of consent to amendments or waivers of rights of this nature.