Newham pension fund looks for private equity home

Weeks after Tyne & Wear started a similar process, the UK pension fund is to tender a mandate worth up to £15m to a private equity manager.

The £380m London Borough of Newham pension fund is out to tender for a private equity fund of funds mandate worth up to £15m.

The council will be inviting tenders from between four and ten managers and may divide the brief.

The mandate itself is much larger than previously expected. In February the fund stated that it expected that the brief was likely to be no bigger than £1m to £1.5m. In fact in the tender notice the fund says that mandate could be anything from £5m to £15m.

Newham is being advised by Hymans Robertson. The fund is the second local authority pension scheme to tender a private equity brief this month.

£2.5bn Tyne & Wear pension fund is currently out to tender for a £100m mandate.