The full agenda, reports and minutes of today's quarterly Strathclyde Pension Fund Committee meeting are now available.


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