LGPS Central Limited fully invests its inaugural Private Equity Fund eight months from launch

LGPS Central Limited is pleased to announce it has successfully concluded fully committing the Primary Fund investment sleeve of its inaugural Private Equity Fund within eight months of its launch.

The LGPS Central Limited 2018/19 Vintage Private Equity Fund was launched on the 31 of January 2019 and comprises two sleeves: the LGPS Central PE Primary Partnership 2018 LP and the LGPS Central PE Co-Investments Partnership 2018 LP.

The former of these vehicles undertakes investments in primary funds and the latter in direct, private equity co-investments.

The investors in the Fund are: Cheshire Pension Fund, Leicestershire Pension Fund, Nottinghamshire Pension Fund, Staffordshire Pension Fund and West Midlands Pension Fund.

LGPS Central Limited CIO Jason Fletcher said: “We continue to make great achievements within the Private Equity unit at LGPS Central Limited. We structured, set-up, raised funds for and launched our Private Equity Fund and then fully committed our Primary Fund Investment PE Partnership, all in under eight months. Although we have deployed capital quickly, it’s also important to note that we carried out rigorous due diligence within a robust investment process to ensure we are making good investment decisions. The team here have put in a tremendous amount of work to make this Fund a reality and I’d like to thank all of those involved.”

The Primary Fund PE Partnership at LGPS Central Limited invests globally with upper quartile, established and world-renowned managers.

The Private Equity team uses a proprietary fund tracking and scoring matrix, which enables it to track the various geographic and strategically distinct Private Equity funds coming to market, and to then score each manager/fund against several others to ensure the best is selected.

Portfolio Manager for Private Equity, Jaswant Sidhu, added: “One of the main benefits of pooling is increased economies of scale, which has helped many of our individual Partner Funds. Investors have also been exposed to blue chip managers and funds which were oversubscribed and not easily accessible to new entrants. Furthermore, with LGPS Central Limited being the in-house manager, our investors will save millions of pounds in management and performance fees that would have been incurred had they invested with, say, a fund of funds type of manager, thus generating higher expected returns over a shorter duration.”

The LGPS Central Limited PE Co-Investments Partnership 2018 LP, which underwrites direct private equity investments, is also performing ahead of targets and to date has executed four investments equating to deployment of just over 70% of its capital.

It’s the Pool’s ambition to continue to launch new Private Market products to the benefit of Partner Funds moving forward.

The Private Equity team (l-r) Daniel Gaize, Portfolio Manager; Jason Fletcher, CIO; Jaswant Sidhu, Portfolio Manager and Sanesh Patel, Graduate Trainee

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