The committee approved a follow up investment of £20m into Albion Community Power, a renewable energy company specialising in acquiring and managing small scale assets.
The Fund already has £20m invested in the company. Albion estimates a CO2 saving of c.750,000 tonnes over the life of the assets in the portfolio, enough to power c.20,000 homes. This will increase to 1m tonnes and around 25,000 homes with the additional investment.
The committee also approved:
4 private debt manager appointments (Alcentra, Barings, Partner Group, ICG Longbow) with a total initial portfolio value of £900m
the appointment of GVA Grimley Limited as independent valuer for the Fund's £2 billion UK property portfolio
a risk policy and strategy and
a business plan for 2019/20.
The Fund's total return for the quarter to 31st December 2018 was -5.4%.