Pensions Infrastructure Platform asset manager update
04 December 2013
The National Association of Pension Funds (NAPF) today (Wednesday) confirmed it is in final discussions with Dalmore Capital Ltd to act as the manager of the equity mandate for the Pensions Infrastructure Platform (PIP).
Joanne Segars, Chief Executive, NAPF, said:
“The PIP is working towards a first close with its founding investors. Discussions are ongoing with regard to an investment management role for Dalmore Capital.”
Following significant interest, and a rigorous selection process, asset managers were shortlisted for a number of investment mandates. Discussions are still ongoing regarding the appointment of investment managers for the remaining mandates.
Notes to editors:
The NAPF is the leading voice of workplace pensions in the UK. We speak for 1,300 pension schemes with some 16 million members and assets of around £900 billion. NAPF members also include over 400 businesses providing essential services to the pensions sector.
The PIP will be a new, not-for-profit, infrastructure fund, by pension funds and for pension funds, aligned to the long-term interests of the UK pension funds who will be its main investors. This is the first time UK pension funds have combined to create such a financial entity in the UK. Key features of the PIP are:
- Target size of £2bn
- Low leverage
- Low fees, c50bps
- Low risk, the PIP is expected to invest at the low-risk end of the infrastructure asset spectrum, and in projects free of construction risk
- Inflation-linked, fund is seeking long-term cash returns of RPI+2-5% (i.e. as a liability match)
Dalmore Capital Limited is an independent fund manager formed in 2009 by a highly experienced team of partners who have been actively investing in the UK infrastructure market since 1998. Dalmore currently manages and advises on investment vehicles with aggregate assets under management of over £430 million, making it one of the most prominent managers focused on UK infrastructure.
The Dalmore Capital investment team has extensive experience in infrastructure investment. The senior team has a total of over 100 years of relevant experience in equity investment (both as financial and industry investors), debt financing, and financial advisory.
Lucy Grubb, Head of Media and PR, 020 7601 1726, [email protected]
Dee Sullivan, Communications Adviser, 020 7601 1717, [email protected]