Ealing Council's Pension Fund is set to increase its investments in private debt and infrastructure, aiming to align its asset allocation with strategic targets. The decision was made during a Pension Fund Panel meeting on Wednesday, 10 September 2025, where panel members reviewed the fund's performance and strategic direction.
The move comes as part of a broader strategy to diversify the fund's investments and capture stable cash flows from alternative asset classes. According to the meeting's Public reports pack, the panel approved the top-up of existing private debt mandates to bring the overall allocation back in line with the agreed 5% strategic target, and the top up of the fund's existing infrastructure mandate to bring the overall allocation back in line with the agreed 6% strategic target. This decision aims to optimise the fund's performance while adhering to responsible investment principles.
The fund has completed its additional private debt allocations, including commitments to HSBC, Churchill Middle Market Senior Loan Fund, Permira Credit Solutions and Brightwood. The report also incorporated the proposal to allocate capital to the Gresham House British Sustainable Infrastructure Fund III (BSIF III) as part of the private markets' implementation and infrastructure/impact allocation.
, highlighting the planned shifts in investment focus. The table below shows the approved strategic asset allocation:
| Fund Manager | Asset Class | Approved Strategic Asset Allocation (%) |
|---|---|---|
| BlackRock | Global Equity | 2.0 |
| Baillie Gifford | Global Equity | 10.0 |
| LGIM Future World Fund | Global Equity | 15.0 |
| LGIM ESG Paris Aligned | Global Equity | 20 |
| TBA | Private Equity | 3.0 |
| Gresham House | Infrastructure | 6.0 |
| Henley | Impact | 1.0 |
| Lothbury | Property | 9.0 |
| Brightwood | Private Debt | 5.0 |
| London CIV | Multi Asset Credit | 4.0 |
| Royal London | UK IG Credit | 15.0 |
| TBA | Index Linked Gilts | 10.0 |
| Cash | Cash | 0.0 |
The meeting also included a performance update for the quarter ending 30 June 2025, revealing that the fund's investments were valued at £1,777.4m, an increase from £1,713.7m on 31 March 2025.
 from 2016 to 2025
The panel also noted updates on the Lothbury Property Trust and Federated Hermes, as well as progress on the investment into Sustainable Infrastructure Fund III (BSIF III).
Furthermore, the panel addressed the migration from the LGIM Low Carbon Target Fund to the LGIM Paris Aligned Fund, aligning with the fund's net zero strategy. The switch took place on 8 August 2025, the allocation will be included in the December 2025 reporting. The fund's net zero strategy includes transitioning low carbon allocations into Paris aligned funds. This move underscores Ealing Council's commitment to sustainable and responsible investment practices.
The Public reports pack also included a list of the fund's 16 largest holdings as at 30 June 2025, including key investments in property and credit solutions. These holdings included:
- IIF UK 1LP
- FEDRTD HERMES PRPTY UNIT TRUST
- STANDARD LIFE LONG LEASE PPTY FUND
- PERMIRA CREDIT SOLUTIONS
- MICROSOFT CORP COM USD0.00001
- NVIDIA CORP USD0.001
- MICROSOFT CORP COM USD0.00001
- APPLE INC COM NPV
- APPLE INC COM NPV
- ROYAL LON STER EX YL BD-SI
- TAIWAN SEMICONDUCTOR TWD10
- GS GBP LIQ RES INST
- AMAZON.COM INC
- AMAZON.COM INC
- ALPHABET INC-CL A
- CHURCHILL MIDDLE MARKET SENIOR LOAN FUND
