Key Takeaways
- • Border to Coast Pension Partnership, managing £55 billion in LGPS assets, is recruiting a new head of real estate following Alistair Smith's departure after four years in the role.
- • Smith oversaw the launch and growth of three real estate strategies—UK Core, Global Core, and Value Add—now managing approximately £2.8 billion in assets, positioning the fund as the largest LGPS real estate investment proposition.
- • Smith's tenure included building institutional real estate capabilities from inception, with partner funds committed to deploying approximately £850 million in fresh capital into real estate during 2025.
- • The departing head brings 39 years of real estate investment experience, including tenures at Aberdeen Standard Investments and Scottish Widows Investment Partnership, with a focus on institutional-grade property portfolios.
- • The role will remain vacant during the search process, with no interim leadership structure announced.
Summary
Border to Coast Pension Partnership, one of the UK's largest Local Government Pension Scheme (LGPS) pools with £55 billion in assets under management, has confirmed it is searching for a new head of real estate following the departure of Alistair Smith. Smith held the position since May 2022 and is stepping down after completing the foundational work on the partnership's real estate investment platform.
Smith's tenure was marked by the successful launch of three real estate strategies: UK Core, Global Core, and Value Add. These propositions collectively manage approximately £2.8 billion in assets, establishing Border to Coast as the largest LGPS real estate investment fund operator. According to Smith's own account, the partnership's constituent funds committed around £850 million of fresh capital into the real estate fund during 2025, demonstrating significant institutional backing and strategic importance within the broader portfolio.
In a LinkedIn announcement, Smith stated that "after helping Border to Coast launch UK Core, Global Core and Value Add Real Estate strategies, my work is now complete and there are strong foundations in place for the future growth of capabilities." A Border to Coast spokesperson echoed this sentiment, noting that Smith "played a key role in the launch of our three real estate propositions" and was instrumental in "building a strong team."
Smith's professional background spans nearly four decades in real estate investments. He spent approximately a decade at Aberdeen Standard Investments in senior property investment roles, followed by nearly three years at Scottish Widows Investment Partnership as an institutional real estate manager before it was acquired by Aberdeen. Earlier in his career, Smith worked for more than 14 years with the Premier Property Group, where he focused primarily on Scottish property investments.
The partnership has not announced an interim head or provided a timeline for filling the vacancy. Smith indicated he is currently assessing opportunities in the real estate investment landscape, leaving the head of real estate position open during the recruitment process.
Smith's tenure was marked by the successful launch of three real estate strategies: UK Core, Global Core, and Value Add. These propositions collectively manage approximately £2.8 billion in assets, establishing Border to Coast as the largest LGPS real estate investment fund operator. According to Smith's own account, the partnership's constituent funds committed around £850 million of fresh capital into the real estate fund during 2025, demonstrating significant institutional backing and strategic importance within the broader portfolio.
In a LinkedIn announcement, Smith stated that "after helping Border to Coast launch UK Core, Global Core and Value Add Real Estate strategies, my work is now complete and there are strong foundations in place for the future growth of capabilities." A Border to Coast spokesperson echoed this sentiment, noting that Smith "played a key role in the launch of our three real estate propositions" and was instrumental in "building a strong team."
Smith's professional background spans nearly four decades in real estate investments. He spent approximately a decade at Aberdeen Standard Investments in senior property investment roles, followed by nearly three years at Scottish Widows Investment Partnership as an institutional real estate manager before it was acquired by Aberdeen. Earlier in his career, Smith worked for more than 14 years with the Premier Property Group, where he focused primarily on Scottish property investments.
The partnership has not announced an interim head or provided a timeline for filling the vacancy. Smith indicated he is currently assessing opportunities in the real estate investment landscape, leaving the head of real estate position open during the recruitment process.
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