Nest, the largest workplace pension in the UK, says that private credit managers who prioritise institutional clients will be more favourably viewed. The £61 billion ($82 billion) fund has awarded a £450 million ($605 million) US direct lending mandate to Crescent Capital this month, citing the manager's institutional-client-first approach as a key attraction.
The £2.3 billion ($3.7 billion) Lothian Pension Fund, part of the Scottish Local Government Pension Scheme, has overhauled its investment strategy, increasing its alternatives weighting to more than one third of the total fund, after poor performance in financial year 2008-09 wiped 17 per cent off the fund’s value.
The $14.7 billion Mubadala Development of Abu Dhabi is believed to be slating co-investments totalling $1 billion in the Malaysian energy, real estate and hospitality industries with a newly formed sovereign wealth fund from the Asian nation.
The NT$700 billion ($21 billion) Taiwanese Labor Pension Fund is tendering for Asia ex-Japan and global equities mandates, with a combined asset value of $1.2 billion, for its new and old pension funds in what is the first overseas discretionary search for this year.
In line with its recently-approved leverage policy, the $181 billion fund for Californian public employees, CalPERS, has reviewed its derivatives policy for global equities, with notional leverage constrained to a new limit of 10 per cent of the value of the global equities portfolio.
Like most defined benefit pension funds, the £2 billion (US$3.27 billion) John Lewis Partnership Pensions Trust is struggling to cope with the funding pressures resulting from the financial crisis. But as pension investment manager Andrew Chapman tells Kristen Paech, bonds are not the solution.
Temasek Holdings has made changes to the long-term outlook of its S$185 billion ($134 billion) portfolio reducing the asset allocation to OECD countries and adding an allocation of 10 per cent to “other geographies” including Latin America, Russia and Africa.
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