UK pension fund commits to invest $350m in two Asia-focused vehicles

Photo by Micheile Henderson on Unsplash

Border to Coast Pensions Partnership, one of the UK’s largest public-sector pension pools, has committed to invest a total of $350 million in two Asia-focused funds, per the pension system’s announcement.

The pension fund has made a $140-million commitment to Baring Private Equity Asia’s eighth buyout fund, BPEA VIII, which is seeking $8.5 billion in size.

That would make BPEA Fund VIII $2 billion larger than its predecessor fund, which held its final close in January 2020.

The vehicle has received commitments from other pension funds such as the Canada Pension Plan Investment Board (CPPIB), the Employees Retirement System of Rhode Island, the Illinois Municipal Retirement Fund, the Louisiana State Employees’ Retirement System, the Employees Retirement System of Texas, and Yue Yuen Industrial, a subsidiary of Taiwan-listed footwear manufacturer Pou Chen Corporation.

BPEA Fund VIII will allocate up to 10% of its capital to growth-stage investments, alongside traditional buyouts. The fund will write cheques between $150 million and $500 million and invest in 18-22 companies.

Border to Coast has also committed $210 million to Stonepeak Asia Infrastructure Fund, the maiden APAC fund by global infrastructure manager Stonepeak.

The fund will focus on investing in infrastructure assets across Asia within the communications, transport and logistics, and energy transition sectors, Border to Coast Pensions Partnership said.

In October 2021, Infrastructure Investor reported that Stonepeak had raised $1.4 billion out of the $3 billion target for its first APAC fund.

These commitments by Border to Coast are part of its new £1.2 billion ($1.65 billion) investments to infrastructure, private equity and private credit funds, including KKR Diversified Core Infrastructure Fund, Insight Partners XIII, HarbourVest Co-Investment Fund VI and Ares Senior Direct Lending II, among others.

First launched in May 2019, Border to Coast’s private markets programme targets to offer its partner funds access to a wider range of investments, including co-investments, with the aim of providing enhanced, diversified, risk-adjusted returns, the pension scheme said.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.