Decision details


Decision status: Recommendations Approved (subject to call-in)

Is Key decision?: No

Is subject to call in?: No



Lloyd Whitworth, Head of Investment & Stewardship

Anthony Fletcher, Independent Advisor, MJ Hudson


Key points raised during the discussion:


1.    The Head of Investment & Stewardship introduced the report explaining that the Fund had an extensive private markets programme with a target asset allocation of 20%.  There was a range of legacy managers but all recent commitments over the last few years had been through Border to Coast and that continued to be the case.  There was also a report on the BCPP Listed Alternatives Fund which sat well with the private markets report.

2.    The Independent Advisor explained the Listed Alternatives report and stated that performance figures for investments of less than five years standing should not be used to form firm conclusions due to a number of factors. The returns of the Listed Alternatives Fund have been strongly impacted by increased interest rates and increased inflation over the last couple of years, so these assets had actually done quite poorly.  

3.    The Independent Advisor went on to explain in detail elements of the private markets update report. This contained information on the Private Markets investments with Border to Coast. It also covered the legacy investments Surrey has with various private markets managers.

4.    A few Members requested a future report looking at alternative investments and specifically renewable green alternatives.

5.    The Chairman reiterated that these were long term investments and there was a need to always be mindful of the cash flow situation when looking at longer term investments.


Actions/ further information to be provided:

That the officers look at future reporting of renewables and green/alternative investments within the Private Markets asset class.




1.    That the Fund’s private market holdings and commitments, respective funds’ investment performance and review from the Fund’s Independent Investment Adviser be noted.

2.    That the Independent Investment Adviser’s report on BCPP Listed Alternatives be noted.


Both Robert Hughes and Trefor Hogg were absent from the meeting for a few minutes each for this item.


Publication date: 31/01/2024

Date of decision: 15/12/2023

Decided at meeting: 15/12/2023 - Surrey Pension Fund Committee

Accompanying Documents: