Strathclyde Pension Fund appoints ICG Longbow to manage new real estate debt strategy
Scotland-based Strathclyde Pension Fund has appointed ICG Longbow to manage a private real estate debt mandate with an initial allocation of 1 percent of the total fund, which has £21 billion ($24 billion) in assets under management.
A spokesperson for the fund confirmed that the ICG contract is now in place and operates as an evergreen arrangement or a mandate. The appointment was made through a full open procurement (OJEU).
Real estate debt is a new allocation for Strathclyde, and ICG Longbow will be the first manager of this asset class.
Strathclyde was looking for a manager with a minimum of five years’ experience in managing a real estate debt strategy. The manager also needed to be appropriately regulated to manage such a strategy for a U.K. Local Government Pension Schemes (LGPS) and have previously managed a real estat