Decisions

The Panel approved an allocation of up to 1-2% of total assets of total assets to the Impact Investment portfolio on 24 June 2021.  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 Local Investments 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.

An allocation of 3% of Fund assets to the Greater Manchester Property Venture Fund was ratified by Panel on 24 June 2021.

The proposal is an opportunity for GMPF to join a club of lenders, to provide the senior debt requirement, for a predominately residential development, as part of a well located, suburban town centre redevelopment.

Avison Young (AY) in their role as non-discretionary manager to GMPVF, has recommended instructing further due diligence to fully understand and test the high level details of the proposed senior lending club arrangement. Please refer to the AY report attached which supports this recommendation.

In some circumstances it is necessary to incur due diligence costs before the final investment decision can be taken. It is appropriate that the Director of Pensions authorises such costs.