The Director of Pensions introduced the report which provided Members with an update on the progress of the Fund’s local investment activities. It was outlined that the report was written prior to Levelling Up announcements and this fund is focused on the investment of the local area.

The Chair asked the Director of Pensions to comment on the ability to use the funds we have locally to find investments and issues arising from this. The Director of Pensions reported that five investments in as many years may not look particularly successful and outlined the issues which included that Local Authorities (LA) can borrow from the Public Works Loan Board more cheaply than the fund is willing to lend money to earn a commercial return but highlighted that regulations around Local Authority borrowing have been amended and so LA’s may be encouraged to bring larger projects to the fund. It was also highlighted that the Metro Mayor of the Liverpool City Region and the availability of grant funding suggested that there may be a greater number of opportunities in the future for fund to consider. Overall, it was stated that the fund was satisfied that the projects were sensible and provided a commercial return.

Resolved – That the report be noted.