News in brief – 19 July

- Border to Coast, one of the largest UK public sector pension pools with around £46bn of assets, has launched its offerings for private equity and infrastructure with over £1bn of commitments from partner funds.

These are the first offerings in Border to Coast’s private markets programme which is expected to grow to £10bn over the long-term. Its private equity offering was launched in May 2019 with £500m of commitments from partner funds The pool has also launched its first infrastructure offering, which went live in July 2019 with £675m of commitments from ten partner funds.

- Schneider Electric has appointed Aon to provide full fiduciary management services for the Schneider Pension Plan.

Schneider Electric is the leader in digital transformation of energy management and automation and provides energy and automation digital solutions for efficiency and sustainability. The Schneider Pension Plan is valued at almost £400m. Aon won the mandate following a formal tender process and it will be the sole fiduciary manager for the plan’s total investment portfolio.

- The City and County of Swansea Local Government Pension Scheme has begun reducing its carbon footprint by cutting the amount of investments in companies with high carbon intensity.

The scheme manages £2.1bn of funds for councils in Swansea and Neath Port Talbot as well as a number of other employers in the area.By the end of this month (July 2019) it will have transitioned £0.5bn of assets into a low carbon index tracking fund after a programme of trustee training which resulted in the adoption of the fund’s Environmental, Social, Governance (ESG) Policy which targeted a reduction in its carbon footprint.

- Pension Insurance Corporation plc (PIC) has invested £40m in debt issued by Eildon Housing Association (Eildon), a housing association based in the Scottish Borders.

The funds will be used to support Eildon’s development plan, under which it is building 750 new homes by 2021. This is the first private placement PIC has done with a Scottish housing association. The transaction was arranged by Santander Corporate & Investment Banking.

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