Devon County Council Pension fund

Under the Freedom of Information Act (FOIA), I request a copy of the quarterly public records from the latest quarter for the following information about Devon County Council Pension Fund, if possible in Excel format:                                                                                                                                         

Names and vintages of all private equity, private debt/private credit/direct lending and infrastructure partnerships or funds in the pension scheme’s portfolio.

Infrastructure and Property Limited Partnerships as at 30 June 2018

Percentage of the pension fund currently invested in private equity, private debt/private credit/direct lending and infrastructure, and the target percentage allocation for the past three years.

The Fund has no allocation to private equity. Figures for infrastructure and private debt are shown in the following table:

As at 31 March:InfrastructurePrivate Debt
TargetActualTargetActual
20164.0%4.2%0.0%0.0%
20174.0%4.0%0.0%0.0%
20184.0%3.6%0.0%*0.7%

* Medium term allocation of 3% to private debt agreed, but this will be built up over time.

Current information on amount committed to each partnership and amount drawn by the partnerships.

Infrastructure and Property Limited Partnerships as at 30 June 2018

Internal rates of return (IRRs) for each individual partnership for the most recent date available. Please include data for net and gross IRRs, if available. Please also include other performance metrics used by your pension fund.

Devon Council can confirm that it holds the information you have requested.  However, on reflection we feel that we are unable to supply this information to you as it is exempt from disclosure under Section 43(2) of the Freedom of Information Act 2000 (Commercial Interests). Devon County Council recognises that there is a public interest in disclosure of this information; however, disclosure of the data could impact on their ability to achieve a competitive advantage in the market place. It is for this reason that we feel that the public interest is best served by withholding this information from disclosure.

Please name any private equity, private debt/private credit/direct lending and infrastructure co-investments you have made, and the manager responsible.

None

Please disclose any direct private equity, private debt/private credit/direct lending and infrastructure investments you have made.

None

Investment multiple for each partnership.

Devon Council can confirm that it holds the information you have requested.  However, on reflection we feel that we are unable to supply this information to you as it is exempt from disclosure under Section 43(2) of the Freedom of Information Act 2000 (Commercial Interests). Devon County Council recognises that there is a public interest in disclosure of this information; however, disclosure of the data could impact on their ability to achieve a competitive advantage in the market place. It is for this reason that we feel that the public interest is best served by withholding this information from disclosure.

Names of all private equity, private debt/private credit/direct lending and infrastructure partnerships or funds partially and fully sold by the pension scheme, including date of sale.

None

Names of advisors mandated by the pension fund to advise on allocations to private equity and infrastructure.

None specifically in relation to private equity and infrastructure. The Fund’s Investment and Pension Fund Committee has an Independent Investment Advisor, Steve Tyson from MJ Hudson

Names and Contact details of the individual responsible for the pension funds allocation to private equity, private debt/private credit/direct lending and infrastructure.

Mary Davis, County Treasurer – mary.davis@devon.gov.uk tel. 01392 383310

Mark Gayler, Assistant County Treasurer, Investments – mark.gayler@devon.gov.uk tel. 01392 383621

Please disclose any corporate loans/corporate bonds that you have directly invested in.  The information required is:

Name of issuer/company

Location of issuer/Company

Is the loan/bond classified Investment Grade/Leveraged

Issuer/company EBITDA and EBITDA currency

Issuer/company total debt to EBITDA multiple

Size of overall deal vs size of your investment

Issue Ratings

Loan tranche type- term loan/revolver/second lien/mezzanine/unitranche etc

Maturity date

Margins and base rate/base rate floor for loans

Coupons and YTM at issue for bonds (margin and base rate for FRN bonds)

Upfront fees or original issue discount on loan

Closing date vs your investment date

Bookrunners/legal and financial advisors on the loan/bond

Corporates Portfolio

Please provide the historical annual (and 1H18) returns on your corporate loan portfolio and your corporate bond portfolios (both investment grade and HY bonds).

The Devon Pension Fund has a Global Bonds mandate, which includes global government bonds and corporate bonds. The Fund does not separate out the performance return on corporate bonds, but reports the return on the total mandate. Returns can be found in the Fund’s Annual Report and Accounts at the following links:

Peninsula Pensions Devon Fund Key Documents

Peninsula Pensions Annual Reports and Accounts Archive

Do you manage your own corporate loan and bond investments, or do you employ an asset manager? If you use an asset manager, who do you use for each? Please provide the fees paid out to the asset managers

The Global Bonds mandate is managed by Lazard Asset Management.

In relation to fees, Devon Council can confirm that it holds the information you have requested.  However, on reflection we feel that we are unable to supply this information to you as it is exempt from disclosure under Section 43(2) of the Freedom of Information Act 2000 (Commercial Interests). Devon County Council recognises that there is a public interest in disclosure of this information; however, disclosure of the data could impact on their ability to achieve a competitive advantage in the market place. It is for this reason that we feel that the public interest is best served by withholding this information from disclosure.