Jun. 13–The retirement savings of London council workers, ranging from probation officers to hygiene inspectors, are to be poured into the potentially risky world of venture capital.
The London Pensions Authority, which oversees a UKpound 1.2 billion active pension fund for 29,000 of the capital’s current and ex-civic workers, wants a manager to invest up to UKpound 75 million in start-up companies.
Interested managers, thought to include Standard Life Investments, must tender bids by 19 June.
LPA finance director Amanda Walker said: “The move into private equity reflects the mix of the fund with 60 percent of members still contributing. The fund has 15 percent earmarked for cash and alternative investments.”
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