Decision

To APPROVE an investment of $100 million (approximately £80 million) in an Investment Fund focused on infrastructure assets, consistent with the Panel-approved allocation to Infrastructure and subject to satisfactory completion of outstanding legals and satisfactory references.

Reasons for the decision

The Panel has allocated 5% of total assets to Infrastructure Fund investments. An annual strategy report on this activity is approved by the Fund’s Management Panel.  The report includes 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 Private Markets team are responsible for selecting managers and funds consistent with the approved strategy.

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