First private equity fund for LGPS Central
0The LGPS Central Limited 2018/19 Vintage Private Equity Fund achieved its final closing at the end of January.
The fund is the first foray into private equity by LGPS Central and took six months of preparatory work to obtain the necessary regulatory approval, to create the right legal structure, and put in place the finance, IT and back office structures.
LGPS Central has created a platform which will be made up of annual vintages, like the one just closed, making direct and indirect investments (via funds) in private equity.
The aim is to reduce the high costs traditionally associated with this type of investment for the pool’s component pension funds.
LGPS Central says the platform could account for over £2bn in the coming years.
Investment director for private equity Omar Ghafur said: “Given that we started with a blank sheet of paper, and brought together the various parts of the organisation – investments, finance, legal, operations and compliance – to structure and launch this fund, I’m immensely proud we were able to conclude this process in such a short time frame.”
