Border to Coast Pensions Partnership is searching for a UK investment manager and a global fund consultant as part of the move towards launching its real estate proposition on behalf of its 11 partner funds.
The UK fund will be one of the largest FCA-regulated pooled real estate funds in the UK, with a potential target size of £3.5 billion.
The global fund will invest up to £1.5 billion in the best funds outside of the UK. The global fund is expected to launch first next year, followed shortly after by the UK fund.
Border to Coast is the largest UK LGPS pension pool representing around £55 billion of assets and is using an established local government procurement framework to select an adviser for the manager selection process.
Tim Sankey, head of real estate investment management at Border to Coast, said: “Investing in real estate is central to our partner funds’ strategy to achieve their long-term pension objectives.”
“We are looking to build a durable, cost-effective real estate capability to allow them to access the best investments, not just in the UK but across the global market.”