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:
Names and vintages of all private equity and infrastructure partnerships or funds in the pension scheme’s portfolio.
View Infrastructure Fund Investments as at 30 September 2017
Percentage of the pension fund currently invested in private equity and infrastructure, and the target percentage allocation for the past three years.
Target Allocation 2015/16 – 4%
Target Allocation 2016/17 – 4%
Target Allocation 2017/18 – 4%
Actual Allocation as at 30 September 2017 – 3.8%
Current information on amount committed to each partnership and amount drawn by the partnerships.
Refer to the link contained within the above question
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 other performance metrics used by your pension fund.
Please note that Devon Council can confirm that it holds the information you have requested. However, on reflection 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). We believe that disclosure of this information would be likely to cause a negative impact on Devon County Council’s ability to negotiate fee rates. Disclosure of this information may also cause prejudice to our investment managers, as this would reveal to their other customers the rates paid by Devon County Council. There is potential that the availability of this information could allow their competitors to undercut them in a competitive marketplace.
Devon County Council recognises that there is a public interest in disclosure of this information; however, we are also confident that withholding this information will allow us to maintain the ability to effectively negotiate discounts, reduce our costs and therefore provide value for money to pension fund members and, by implication, local taxpayers. It is for this reason that we feel that the public interest is best served by withholding this information from disclosure.
Please name any private equity and infrastructure co-investments you have made, and the manager responsible.
None
Please disclose any direct private equity and infrastructure investments you have made.
None
Investment multiple for each partnership.
Devon Council can confirm that it holds the information you have requested. However, on reflection 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). We believe that disclosure of this information would be likely to cause a negative impact on Devon County Council’s ability to negotiate fee rates. Disclosure of this information may also cause prejudice to our investment managers, as this would reveal to their other customers the rates paid by Devon County Council. There is potential that the availability of this information could allow their competitors to undercut them in a competitive marketplace.
Devon County Council recognises that there is a public interest in disclosure of this information; however, we are also confident that withholding this information will allow us to maintain the ability to effectively negotiate discounts, reduce our costs and therefore provide value for money to pension fund members and, by implication, local taxpayers. It is for this reason that we feel that the public interest is best served by withholding this information from disclosure.
Names of all private equity and infrastructure partnerships or funds partially and fully sold by the pension scheme, including date of sale.
None
Names of advisors mandated by the pension fund to advise on allocations to private equity and infrastructure.
The Devon Pension Fund has no specific advisors on allocations to private equity and infrastructure. The Fund has a contract with Allenbridge Epic for the services of Steve Tyson to provide independent investment advice on the full range of the Fund’s investments. Mercer investment consultants provided advice in relation to the Fund’s current Investment Strategy Statement.
Names and Contact details of the individual responsible for the pension funds allocation to private equity and infrastructure.
Oversight is the responsibility of the Investment and Pension Fund Committee supported by the County Treasurer – view Devon Pension Fund Governance Policy
Day to day oversight:
Mark Gayler, Assistant County Treasurer, Investments, Devon County Council, Topsham Road, Exeter. EX2 4QD, Tel. 01392 383621, Email: mark.gayler@devon.gov.uk