Purpose

The Panel has allocated up to 5% of total assets to Private Debt. 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 is responsible for selecting managers and funds consistent with the approved strategy.

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

Decision

To APPROVE an investment of up to £125 million in a Private Debt Fund, subject to satisfactory completion of outstanding legals.