Border to Coast Pensions Partnership has chosen StepStone, General Catalyst and PAI Partners for its latest private equity investments, allocating $100m each to their funds.
StepStone VC Opportunities VII focuses on expansion stage and late-stage venture capital investments in the technology, communication and healthcare sectors.
The firm raised more than $600m for its Credit Opportunities Fund I in May and closed its senior corporate lending fund on $1.3bn in April.
PAI Partners got the commitments for €7bn-targeting Fund VIII which targets buyout investments in the upper mid-market space across food and consumer, business services, industrials and healthcare in Europe and US. The fundraise can go to its upper limit of €8.5bn.
The firm has already picked up commitments from LPs including the Orange County Employees Retirement System, which pledged $50m.
PAI stormed past the €4bn target for its seventh flagship fund in 2018, reaching a €5bn final close after less than three months of active marketing.
General Catalyst XI will aggregate the Border to Coast commitment to three underlying venture pools – the seed-stage Creation pool, early-stage Ignition pool and late stage Endurance pool.
The firm had raised $4.6bn for the vehicle in February, three years after raised $2.3bn for its Fund X strategy.
The pension fund has also made commitments in other private investments including infrastructure and private credit. It has now committed all the £5.7bn of its initial three-year private markets program.
Mark Lyon, head of internal management at Border to Coast, said, “The success of our Private Markets programme is a prime example of the benefits pooling offers. It has delivered cost-effective access to investments that our Partner Funds in the LGPS may not have otherwise been able to access, and which offer the potential for attractive long-term, risk adjusted returns.
“It is managed by our experienced and dedicated private markets team which provides strengthened governance, oversight, improved market access, and a commitment to driving standards on responsible investment and stewardship of assets.
“With all £5.7bn of assets committed within our first programme, we are now looking ahead to the opportunities we can pursue as part of our second programme – which included the innovative Climate Opportunities proposition – and continuing to deliver significant benefits for our Partner Funds.”
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