The Brent Pension Fund’s recently published “Draft Annual Report and Accounts 2024/25” details significant investment actions and strategic shifts. The report, dated 2024/25, outlines the Fund’s investment performance, asset allocation changes, and future intentions.
Allocation Changes Reflect Strategic Rebalancing
For the fiscal year 2024/25, the Brent Pension Fund has made notable adjustments to its asset allocation. The Fund committed an additional £45 million to pooled private debt, moving towards its 5% target allocation for this asset class. This commitment was made in February 2025 (page 56). Additionally, the Fund finalized its investment into UK affordable housing in April 2024, with the first drawdowns commencing in May (page 56). The rationale for these changes is to build up exposure to infrastructure and private debt while winding down private equity (page 56).
New Asset Class Considerations: UK Housing Fund and Private Debt II
The Fund has strategically explored and committed to new asset classes. In April 2024, the Fund finalized its investment into the LCIV UK Housing Fund, which aims to increase the supply of affordable housing in the UK. The first drawdowns for this investment commenced in May 2024 (page 58). Furthermore, in February 2025, the Fund committed £45 million to the LCIV Private Debt II fund, which offers diversified exposure to senior direct lending in the US and Europe (page 58). These actions align with the Fund’s intention to build up exposure to infrastructure and private debt (page 56).
Manager Appointments and Mandates
During the fiscal year 2024/25, the Brent Pension Fund made new manager selections. The Fund committed £45 million to the LCIV Private Debt II fund in February 2025, managed by Arcmont/Churchill/Pantheon/Pollen Street (page 4 and 58). The Fund also finalized its investment into the LCIV UK Housing Fund in April 2024, managed by CBRE/Octopus/Savills/LGIM/Man Group (page 4 and 56). These appointments are part of the Fund’s strategy to increase exposure to private debt and UK affordable housing (page 56).
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