Institution: Strathclyde Pension Fund
Headquarters: Glasgow, United Kingdom
AUM: £23.08bn
Bitesize: £10-50m
Strathclyde Pension Fund has awarded a private real estate debt mandate to ICG Longbow in response to an RFP issued by the pension in late 2019.
Strathclydes’ RFP set out to appoint a fund manager capable of providing private debt opportunities against commercial real estate in the UK and across the rest of Europe. The RFP required prospective managers to be capable of providing senior loans alongside mezzanine and junior strategies. The market value for this private real estate debt mandate is between £200-500 million.
ICG Longbow proved successful during the tender process for the mandate and has subsequently been awarded management of Strathclyde’s 1.0 percent real estate debt portfolio.
Further criteria within Strathclyde’s RFP included previous experience managing a UK-based pension fund’s real estate debt mandate; active regulation by the UK Local Government Pension Schemes (LGPS); and a minimum of five years’ of experience in managing real estate debt strategies.
The £23.08bn UK public pension has a 4.50 percent current and target allocation to private debt. Within this 4.50 percent allocation, 1.0 percent is designated towards private real estate debt with the remainder allocated to private corporate debt.
As illustrated below, Strathclyde has made five commitments to real estate vehicles with a vintage year of between 2013 and 2018, which combined constitute £188.73 million.
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