The Strathclyde Pension Fund Committee approved three new impact investment proposals.
The first is £25 million into a Glasgow-based growth equity fund, the Panoramic Fund 3, which invests in growth opportunities for small and medium enterprises (SMEs).
Since inception in 2010, the team has invested in 24 companies with a gross investment IRR of 38%, according to Q2/21 valuations. Funds one and two are maturing and Panoramic is seeking to build on its success with a third fundraising.
The next is a £25 million investment into Palatine, a Manchester-based, regionally focused UK lower mid-market private equity investor controlled and owned by its partners that have considerable experience of investing in high growth areas of healthcare, sustainability and training in the UK.
The Palatine Fund II intends to make 10-12 investments of between £5 million and £20 million, using Palatine’s proven approach towards small and medium sized companies across the UK that demonstrate a clear social or environmental benefit.
Finally, it intends to make £200 million available for co-investments within Strathclyde’s direct investment portfolio. These would be only in UK assets where there is an existing fund investment, must exceed the existing investment and no co-investment in any single asset must be greater than £15 million.