Border to Coast Pensions Partnership has launched a hunt for agents to help it set up two property funds with a potential size of £5bn.
The Leeds-based pension partnership is one of the largest in the UK. It is planning a £1bn global property fund to launch in 2022, followed by a UK-focused fund the following year.
Border to Coast recently appointed Aberdeen Standard Investments’ fund manager Tim Sankey as its first head of real estate. Sankey will recruit a dedicated real estate team to manage the upcoming funds.
The business will appoint external consultants, advising initially on fund design and potentially later on applications and implementation.
The funds are still in the planning stages with target sectors still to be defined. The pension partnership is inviting tenders with a contract to be agreed by 15 February next year.
A spokesman from Border to Coast said: “We are seeking assistance to set up the property funds required to support our partner funds.
“This procurement will assist us with the design of the operating models to run the new funds, making the FCA application, procure key new suppliers and build the new funds.”
Border to Coast brings together £45bn of investments from 11 local authority pension funds, including Tyne & Wear and South Yorkshire. It was established in 2018 as one of eight local government pools.
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