Agenda item

Report of Aon Hewitt.

The Board received a report of Aon Hewitt updating Members on the research pipeline and the tactical plan for 2015, which had been revised to given a stronger European focus. In response to a Member’s query, the Corporate Treasurer reported that the following statuses for the private equity investments:

·         New Mountain IV (US Large Buyout) – commitment made and money drawn down

·         Crestview III (US Large Buyout) – commitment made; money not yet drawn down

·         Exponent III (UK Mid-Market Buyout) – commitment made and money drawn down

·         Frontier IV (US Growth Equity) – documentation being progressed

·         Ares Special Situations Fund IV (Global Special Situations) – documentation being progressed

·         Coller International Partners VII (Global Secondaries) – documentation to commence in Q1 2015

In response to a follow-up query, Members noted that a Review of Private Equity was anticipated for the May meeting of the Board.

RESOLVED – That a review of Private Equity be discussed at the May 2015 meeting.