Agenda and minutes

Councillor Ingleby noted that the track changed version of the Fund’s investment strategy, had not been circulated to Members, as requested at the meeting. The HFSPC acknowledged the Councillors’ comment and advised the document would be circulated to Members.

RESOLVED that the minutes of the meeting of the Pensions Investment Committee held on 14 June 2022 be agreed.

None

The HFSPC provided Members with an introduction to the report. Hymans then gave a presentation of the report to the Committee.

The Hymans Robertson quarterly performance report covered:

·         The value of the Fund's assets and movements over the quarter to 30 June 2022;

·         A performance summary of each manager over the quarter; and

·         An assessment of the fund managers and any recommendations for the next quarter.

Members asked questions that were answered by Hymans and the HFSPC.

Some of these questions included:

·         If there were any financial losses incurred, during the asset transition between funds?

·         What is the outlook for any underweighted bonds?

·         Is there a reason Hymans did not discuss fund manager ratings in their report?

Hymans answered the Members questions.

The Committee were asked to note the contents of the report.

RESOLVED that the report be noted.

Jacqueline Jackson and Harry Lamprinopoulos (London CIV (LCIV)) gave an illustrative presentation. The guests discussed their operations, analysis, fund manager ratings, market data, benchmarking, sustainability, risks and specific investment products.

Following the presentation Members asked questions that were answered by LCIV.

Recommendation:

The Committee were asked to note the contents of the presentation.

RESOLVED that the presentation be noted.

The paper was presented by the HFSPC and provided the Committee with an update on several general pension related matters, from the last quarterly period.

Recommendation:

The Committee were asked to:

·         review and note the contents of the report;

·         agree the extension of the HarbourVest Partners VIII-Buyout Fund L.P by a further

two years to 30 September 2024;

·         agree the extension of the HarbourVest Partners VIII-Venture Fund L.P by a further

two years to 30 September 2024;

Members were advised that since publication of the General Update Report HarbourVest had sent through a further request for general amendments to the funds structure and a response was required by the 22 September 2022. The due diligence for the matter was ongoing with Hymans Robertson and the amendments would therefore be presented at the next committee meeting but the approval be delegated to the Chair to enable submission by the 22 September deadline.

Members asked questions regarding potential investment avenues and future meeting agenda setting that were answered by the HFSPC.

The Committee were asked to:

·         review and note the contents of the report;

·         agree the extension of the HarbourVest Partners VIII-Buyout Fund L.P by a further

two years to 30 September 2024;

·         agree the extension of the HarbourVest Partners VIII-Venture Fund L.P by a further

two years to 30 September 2024;

RESOLVED that:

·         the extension of the HarbourVest Partners VIII-Buyout Fund L.P by a further

two years to 30 September 2024 be agreed;

·         the extension of the HarbourVest Partners VIII-Venture Fund L.P by a further

two years to 30 September 2024 be agreed;

·         the further amendments to the HarbourVest fund structure be delegated to the Chair to agree;

·         the report be noted.

The paper was presented by the HFSPC and provided the Committee with an update on several general pension related matters, from the last quarterly period.

The report outlined the documentation (including policies, strategies and reports) that the Pension Investment Committee would be legally required to approve, together with the current position and proposed timings for approvals and reviews.

Members asked questions that were answered by the HFSPC.

Recommendation:

The Committee were asked to note the contents of the report.

RESOLVED that the report be noted.

The meeting ended at 9.24pm