The Leicestershire County Council Pension Fund’s Local Pension Committee, in its meeting minutes published on September 26, 2025, outlined its accelerated timeline for achieving full pooling of assets with LGPS Central.
Strategic Asset Allocation and Investment Beliefs Remain with Committee
Officers confirmed that while the implementation of investment decisions would transfer to LGPS Central, the Committee would retain responsibility for strategic asset allocation and investment beliefs (page 5).
Full Pooling Target Accelerated to March 2026
The government’s ‘Fit for the Future’ consultation requires full pooling by the end of March 2026. The Fund has made progress towards this requirement, with approximately 58% of assets currently pooled. The intention is to transfer oversight of the remaining approximately 40% to LGPS Central by March 31, 2026. This accelerated transition from 50% to 100% pooling by 2026 is attributed to legislative changes. Over time, as existing mandates expire, reinvestment into Central’s products is expected to gradually increase the pooled percentage (page 4, 5).
Private Equity Fund-of-Funds Manager Under Review
Members raised concerns about potentially losing Adam Street Partners (ASP), a private equity fund-of-funds manager. Officers stated that it would be at LGPS Central’s discretion to select the best-in-class managers for each asset class. ASP, as a fund-of-funds manager, might be phased out due to higher fees, with Central likely to invest directly in other private equity managers to reduce costs while maintaining performance (page 6).
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