The Cardiff & Vale of Glamorgan Pension Fund’s recently published Annual Report and Accounts 2024/25 details its investment activities and future intentions.
Strategic Private Markets Expansion Continues
For the fiscal year 2024/25, the Fund continued its strategic focus on Private Markets through the Wales Pension Partnership (WPP). Investments were made into new vintages for Private Equity and Private Credit. Further investments into these sub-funds are planned for 2025/26. Additionally, the Fund plans investments in the WPP closed-ended Infrastructure and UK Forestry Funds in 2025/26. (Cardiff & Vale of Glamorgan Pension Fund Annual Report and Accounts 2024/25, page 3, 5)
Real Estate Manager Appointments and Portfolio Transition
During 2024/25, the procurement for the WPP Real Estate Manager roles was completed. Schroders was appointed to manage the UK Core and Impact portfolios, and CBRE was appointed for the Global Real Estate portfolio. The transfer of the Fund’s current Real Estate investments into these new WPP funds is scheduled to occur during the 2025/26 financial year. (Cardiff & Vale of Glamorgan Pension Fund Annual Report and Accounts 2024/25, page 3, 5)
Net Zero Target Approved for 2040
In a notable development during 2024/25, the Pension Committee approved a Net Zero Policy at its meeting on May 20, 2024. This policy includes an ambitious target for the Fund to achieve net zero by 2040. (Cardiff & Vale of Glamorgan Pension Fund Annual Report and Accounts 2024/25, page 6)
WPP Open-ended Infrastructure Fund Investment
Significant investments were made into the WPP Open-ended Infrastructure sub-fund during 2024/25. (Cardiff & Vale of Glamorgan Pension Fund Annual Report and Accounts 2024/25, page 40)
WPP Closed-Ended Infrastructure Fund Planned for 2025/26
The Fund has a contractual commitment of £50,000,000 for the WPP Closed Ended Infrastructure fund as of March 31, 2025, with no commitment reported for the prior fiscal year. This indicates planned investment in this new fund. (Cardiff & Vale of Glamorgan Pension Fund Annual Report and Accounts 2024/25, page 34)
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