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Strathclyde approves £130m in commitments

The UK public pension has backed two UK-focused real estate vehicles.

Institution: Strathclyde Pension fund
Headquarters: Glasgow, United Kingdom
AUM: £23.7 billion

Strathclyde Pension Fund has approved £130 million ($174 million; €145 million) in commitments to two real estate vehicles, according to the pension’s November 2020 investment committee meeting minutes.

The commitments comprise £100 million to Clydebuilt II and £30 million to Man GPM RI Community Housing Fund.

Clydebuilt II is a fund-of-one managed by Ediston Real Estate with Strathclyde acting as the sole limited partner. The vehicle will make debt and equity investments in distressed property with value-add potential. Strathclyde also committed £75 million to the predecessor fund Clydebuilt I in 2014.

Man Global Private Markets’ Community Housing Fund is focused on investments in affordable housing. The vehicle is targeting £400 million in equity capital.

As illustrated below, Strathclyde recent real estate fund commitments have tended to target Western Europe-focused vehicles pursuing opportunistic returns.

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