Under the Freedom of Information Act (FOIA), I request a copy of the quarterly public records from the latest quarter for the following information about Devon County Council Pension Fund, if possible in Excel format:
1. Names and vintages of all private equity, private debt/private credit/direct lending and infrastructure partnerships or funds in the pension scheme’s portfolio.
2. Percentage of the pension fund currently invested in private equity, private debt/private credit/direct lending and infrastructure, and the target percentage allocation for the past three years.
3. Current information on amount committed to each partnership and amount drawn by the partnerships.
In response to questions 1-3 above, please see the attached spreadsheet which can be seen via the link below:
4. Internal rates of return (IRRs) for each individual partnership for the most recent date available. Please include data for net and gross IRRs, if available.
Please also include any other performance metrics used by your pension fund.
With respect to the net IRR and the MOIC/TVPI, Devon Council can confirm that it holds the information you have requested. However, we feel that we are unable to supply this information to you as it is exempt from disclosure under Section 43(2) of the Freedom of Information Act 2000 (Commercial Interests). Devon County Council recognises that there is a public interest in disclosure of this information; however, disclosure of the data could impact on their ability to achieve a competitive advantage in the market place. It is for this reason that we feel that the public interest is best served by withholding this information from disclosure.
5. Please name any private equity, private debt/private credit/direct lending and infrastructure co-investments you have made, and the manager responsible.
None
6. Please disclose any direct private equity, private debt/private credit/direct lending and infrastructure investments you have made.
None
7. Investment multiple for each partnership.
Please see our response to question 4 above.
8. Names of all private equity, private debt/private credit/direct lending and infrastructure partnerships or funds partially and fully sold by the pension scheme, including date of sale.
None
9. Names of advisors mandated by the pension fund to advise on allocations to private equity and infrastructure.
We have had strategic investment reviews carried out by Mercer, but they do not advise on specific investments. New investments will be made via the Brunel Pension Partnership
10. Names and Contact details of the individual responsible for the pension funds allocation to private equity, private debt/private credit/direct lending and infrastructure.
Mark Gayler, Assistant County Treasurer, Investments and Treasury Management – mark.gayler@devon.gov.uk