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Derbyshire County Council to boost private equity target

The pension expects that private equity multiples will decrease for small to mid-cap deals.

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Institution: Derbyshire County Council Pension Fund
Headquarters: Matlock, United Kingdom
AUM: £5.14 billion
Allocation to alternatives: 23.8%

Derbyshire County Council’s in-house Investment Management Team recommended that the system increase its private equity target allocation to four percent in the upcoming quarter because of existing commitment drawdowns, according to an investment report from its September meeting.

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Highlights from Derbyshire County Council’s September 2020 investment meeting:

  • Derbyshire County Council’s independent investment advisor, Anthony Fletcher, recommended the system set a four percent target for private equity, the report shows.
  • The IIMT expects that private equity multiples will decrease for small to mid-cap deals because of the coronavirus pandemic, but that Derbyshire’s current private equity commitments should be able to benefit from that downturn.
  • Derbyshire was overweight in cash and protective assets and underweight in growth and income assets, relative to its benchmarks.

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Dawn Kinley serves as the head of investments at the pension fund. Neil Smith is Derbyshire’s investment manager.

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