The London Borough of Lambeth Pension Fund’s recently published ‘DRAFT Pension Fund Annual Report 2024/25’ details significant investment activity and strategic adjustments during the fiscal year. The report highlights a rebalancing of assets, including a substantial investment in credit and new commitments to private equity.
Strategic Asset Rebalancing in 2024/25
Over the course of the 2024/25 fiscal year, the Fund rebalanced its assets in line with its investment strategy. This included redeeming £55 million from the LCIV Emerging Markets Equity Fund to address an overweight position relative to the target allocation. Concurrently, the Fund invested £85 million into the LCIV All Maturities Buy and Maintain Credit Fund, aligning with a target strategic allocation of 5% (page 9).
New Private Equity Commitments
In addition to the rebalancing, the Fund agreed to commitments to two new private equity funds with its existing private equity manager, Adams Street Partners. These commitments include $70 million to the 2025 Global Fund and €50 million to the 2023 European Venture Fund. While agreed upon in 2024/25, these commitments were formally accepted by the manager in April 2025 (page 9). The Pensions Committee approved an allocation of approximately £85-£100 million to Adams Street Private Equity to address the Fund’s underweight allocation to this asset class (page 34).
Source