UK - The £1.49bn (€1.88bn) Royal County of Berkshire Pension Fund has confirmed its intention to move into infrastructure, with the issue of a new manager tender.
As the administering authority for the pension scheme, The Royal Borough of Windsor and Maidenhead is searching for an active manager to run a segregated portfolio of infrastructure-related assets valued at around £90m.
It is expected between five and eight managers will be invited to participatein the tender which will run for a minimum of three years and has the option of an annual extension for a further three years.
Figures from the latest triennial valuation of the pension fund - as of March 31, 2007 - showed the scheme had assets of £1.49bn and a deficit of just £879,000, making it 99.9% funded.
The scheme's target asset allocation, according to its funding strategy statement, is 70% equities, 19% bonds, 10% property and 1% cash, although at the time of the valuation the scheme was slightlyunderweight in equities at 64% and it hadalready reached its 10% target for property investment.
The deadline for application for the infrastructure mandate is August 8, 2008.
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