At the meeting the Committee received an update of the Fund's progress in developing a climate change strategy.
The Committee approved a new investment within the Direct Investment Portfolio:
• a follow-on investment of £30 million in UK Green Investment Bank Offshore Wind Fund LP
New commitments to the Fund's private equity and real estate programmes were also agreed:
• an £85m commitment to Partners Group Global Relative Value (incl. approved co-investments) in 2016 and a further £145m in 2017
• £50m to Partners Group Direct Private Equity
• £120m commitment to Partners Group Direct Real Estate
The Committee noted that the first two phases of the implementation of changes to the Fund's Hedging/ Insurance and Credit strategies were completed in June and August, with the sale of the Fund's UK gilt holding and of approximately £130m of passive equities to fund the purchase of units in L&G's US Corporate Bond Fund.
The Fund's value as at 31 July 2016 was £17,641m.
The Fund's return for the quarter to 30 June 2016 was +6.0%. The FTSE All Share returned +4.7% over the quarter.
As at 30 June 2016 the Fund's value was £16,956m, and the estimated funding level was 82.4%.
The Committee also:
• noted the admission of Scottish Canals as a new employer closed to new entrants
• noted the conclusions of an internal audit report that key controls are in place and generally operating effectively in relation to the administration of the career average pension scheme