Agenda and decisions

Investment Subcommittee - Wednesday, 1 October 2025 10.00 am

Venue: Sparkenhoe Committee Room, County Hall, Glenfield. View directions

Contact: Mrs A. Smith (Tel. 0116 305 2583) Email: angie.smith@leics.gov.uk

Items
No.	Item
1.	Minutes of the meeting held on 2 October 2024. PDF 107 KB
2.	Question Time.
3.	Questions asked by members under Standing Order 7(3) and 7(5).
4.	To advise of any other items which the Chairman has decided to take as urgent elsewhere on the agenda.
5.	Declarations of interest in respect of items on the agenda.
6.	Private Credit, Private Debt and Property Recommended Investments. PDF 298 KB Additional documents: Appendix A Property Review (public) , item 6. PDF 2 MB Appendix B Private Debt review (public) , item 6. PDF 2 MB Appendix C Private Equity review (public) , item 6. PDF 2 MB Decision: RESOLVED: That the report on the Review of Property, Private Debt and Private Equity Assets be noted.
7.	Dates of Future Meetings. Meetings of the Investment Sub-Committee are scheduled to take place on the following dates, all at 10.00am unless otherwise stated: 10 December 2025 22 April 2026 8 July 2026 30 September 2026 9 December 2026 Decision: RESOLVED: That the dates of future meetings be noted: 10 December 2025 22 April 2026 8 July 2026 30 September 2026 9 December 2026
8.	Any other items which the Chairman has decided to take as urgent.
9.	Supplementary Information on Private Credit, Private Debt and Property Recommended Investments. Decision: RESOLVED: a) That the supplementary report to the Investment Sub-Committee on the review of property, private debt and private equity assets, and presentation from Hymans Robertson be noted. b) That the following revised investment frameworks as outlined in the report be approved: i. The revised property framework as set out at paragraph 9, that will be implemented through considerations at paragraph 10. ii. The revised private debt framework as set out in paragraph 13 c) That the following investment commitments as amended be approved: i. Top up an additional £120m to the 2024 Central private debt sleeves (£90m to Direct Lending and £30m to real assets). ii. £90m additional commitment to the Aegon Short Dated Investment Grade corporate bond investment from general cash balances. iii. £110m per annum of new commitments to private equity, are made to rebuild exposure and reach the target allocation by 2031-32 for private equity, to be split as follows: a. £65m to the 2025 primary sleeve. b. That it be delegated to the Director of Corporate Resources to commit £15m to the 2025 co-investment sleeve subject to satisfactory due diligence. c. That it be delegated to the Director of Corporate Resources to commit a further £30m earmarked for potential allocation (£15m each to secondary and venture sleeves), subject to satisfactory due diligence. d) That for completeness, the Investment Sub-Committee note the remaining private debt underweight exposure of £90million to be managed in line with the Fund’s cash management strategy until any such future review by the Pool.