Key Takeaways
- • Brunel Pension Partnership, one of the UK's eight local government pension pools with roughly £36bn under management, is reducing its North American private equity exposure while increasing its focus on Asia, according to PEI.
- • Jaime Alvarez, Brunel's head of private equity and sustainable infrastructure, told PEI the pool is bullish on Asia.
- • Brunel is considering implementing an evergreen (semi-liquid, open-ended) fund structure in its private markets programme, a move that raises questions about potential conflicts of interest in the evergreen fund market.
Summary
Brunel Pension Partnership, a UK local government pension pool managing approximately £36bn, is trimming its exposure to US private equity and tilting its allocations toward Asia, according to an interview with PEI Private Equity. Jaime Alvarez, head of private equity and sustainable infrastructure at Brunel, told PEI that the pool remains bullish on Asia, with East Asia and the broader Asia-Pacific region featuring prominently in the firm's investment thinking.
Alvarez also outlined why Brunel is considering an evergreen structure for part of its private markets portfolio. Evergreen, or semi-liquid, vehicles offer continuous subscriptions and redemptions rather than the fixed-life structure of traditional closed-end private equity funds, and have drawn growing interest from institutional investors seeking more regular liquidity. The article notes, however, that the evergreen segment faces questions about conflicts of interest within the managers that run these vehicles, an issue Brunel would need to weigh as it evaluates implementation.
The PEI report is a short news and analysis piece; the full details of Brunel's allocation sizes, target percentages and timing were not disclosed in the available text.
Alvarez also outlined why Brunel is considering an evergreen structure for part of its private markets portfolio. Evergreen, or semi-liquid, vehicles offer continuous subscriptions and redemptions rather than the fixed-life structure of traditional closed-end private equity funds, and have drawn growing interest from institutional investors seeking more regular liquidity. The article notes, however, that the evergreen segment faces questions about conflicts of interest within the managers that run these vehicles, an issue Brunel would need to weigh as it evaluates implementation.
The PEI report is a short news and analysis piece; the full details of Brunel's allocation sizes, target percentages and timing were not disclosed in the available text.
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