Border to Coast has made the final £1.8bn of commitments in its three-year, £5.7 billion Private Markets programme.
Border to Coast has made the final £1.8bn of commitments in its three-year, £5.7 billion Private Markets programme.
The final allocations are to private equity, private credit and infrastructure funds, plus co-investment opportunities, run by 11 separate managers.
Border to Coast is a combined investment pool for 11 UK local government pension funds with combined assets of about £60 billion.
First launched in 2019, the three-year programme takes advantage of that scale, to secure cost-effective access to private markets and the potential for enhanced long-term returns on behalf of its partner funds. In total, the programme invested has into 61 funds and made three co-investments.
The final tranche of the programme was announced in June 2021 and has now been completed with £1.5 billionn of new commitments to infrastructure (£307m), private credit (£915m), and private equity (£232m) funds.
For infrastructure, the fund made two allocations: a $204 million commitment to Axium Infrastructure North America IV, an open-ended fund that invests in core transportation, energy and social infrastructure assets in North America; and a $175 million commitment to Arcus Infrastructure Partners’ Arcus European Infrastructure Fund, which primarily targets investments in European telecommunications, transport and energy sectors, focusing on emerging subsectors.
