Issue - meetings

The Surrey Pension Fund has a commitment to invest 5% of the fund in private equity. This is achieved by investing in funds of funds and directly managed funds, managed by a number of private equity specialists.

The Surrey Pension Fund Committee reviews the private equity strategy. This report is a review of the investment performance of the private equity portfolio and a comparison of the cost effectiveness of investing in a Fund of Funds with investment in other private equity opportunities.

It was agreed to take item 17 next as Peter Stanyard would be leaving shortly.

Declarations of interest:

None.

Key points raised during the discussion:

1.    The Strategic Finance Manager (Pension Fund & Treasury) introduced the report.  The committee asked a number of questions which were responded to by the officers present, before moving to the recommendations.

Actions/Further information to be provided:

None.

Resolved:

That the Surrey Pension Fund Committee:

      i.        Notes the current position on the Fund’s Private Equity investment performance.

     ii.        Continues to commit to draw downs of the existing private equity schemes, and submit new opportunities to the Surrey Pension Fund Committee to consider.

Next steps:
None.

The Surrey Pension Fund has a commitment to invest 5% of the fund in private equity. This is achieved by investing in funds of funds and directly managed funds, managed by a number of private equity specialists.

The Surrey Pension Fund Board reviews the private equity strategy. This report is a review of the investment performance of the private equity portfolio.

Declarations of interest:

None.

Key points during the discussion:

1.    The Strategic Finance Manager (Pension Fund and Treasury) introduced the report.  The committee asked a number of questions which were responded to by the officers present, before moving to the recommendation.

Actions/Further information to be provided:

Officers to compare the cost-effectiveness of investing in a Fund of Funds with investment in other private equity opportunities (Action review re: A10/15).

RESOLVED:

      i.        That the Board NOTED the current position on the Fund’s Private Equity investment performance.

     ii.        That the Fund CONTINUES to commit to draw downs of the existing private equity schemes, while the Surrey Pension Fund Board considers new opportunities presented to it.

Committee next steps:

None.