Pensions

Details:

Reference Number: 5356
Request Date: 07/01/2019 Archived

Question and Response:

Q.1 Please may you provide me with the proxy voting records of the Northumberland County Council Pension Fund for the period of 1st July 2018 to 31st December 2018. For the avoidance of doubt, I am referring to the investments made by the Pension Fund rather than any electoral voting.
Ideally, I would like to have the following information in electronic format:
·   Name of Issuer
·   Issuer Identifier e.g. Ticker or CUSIP
·   Date of Shareholder Meeting
·   Type of Shareholder Meeting (Annual, Special etc.)
·   Proposal No.
·   Proposal
·   Proposer (Management / Shareholder)
·   Vote cast by Northumberland County Council Pension Fund
·   Entity responsible for vote decision (Internal/ external asset manager (if external, please name) / proxy voting advisor (ISS, Glass Lewis etc.)

In addition, please indicate whether the Northumberland County Council Pension Fund has its own proxy voting policy or whether you use that of an external provider (Please Name).

A.1 Please see attached, these documents hold the above information you have requested. Please also see below, for more information: (from NCCPF's Investment Strategy Statement)

The exercise of rights (including voting rights) attaching to investments

Voting rights

The Panel has delegated the exercise of voting rights to Legal and General with a requirement to:
·   follow Legal and General’s own share voting policy for all public equities except the FTSE 350 companies; and
·   follow PIRC’s share voting advice for the Fund’s effective shareholding in the FTSE 350 companies.

The Panel reviews PIRC’s and Legal and General’s share voting policies periodically. The Panel considers that the Fund’s and Legal and General’s interests are aligned, as both seek to enhance long term shareholder value.

The Fund encourages Legal and General to vote shares in all markets, where practical.



 


Details:

Reference Number: 5551
Request Date: 05/02/2019 Archived

Question and Response:

Q.1    The full details of what real estate assets the Northumberland Pension Fund currently invests in, including the name and amounts of each type of real estate asset or investment being held.
This information should be broken down into the different categories, including:
- Listed Real Estate securities; Unlisted/Private Real Estate Property Funds/vehicles, companies or CIS;
- Directly held properties ; and
- (listed/unlisted) Real Estate Debt Funds/vehicles. 
In the case of any unlisted real estate vehicles or real estate debt vehicles, the domicile of the underlying assets should be included.
A full list of all the companies, vehicles, CIS etc in which the Pension Fund invests in or has an outstanding commitment to should be covered in the above question. This list should include the names of each company and the amount invested in each company etc.

A.1      NCCPF currently has holdings in three Property Unit Trusts;

- BlackRock UK Property Fund 
- Schroder UK Real Estate Fund 
- Rockspring Hannover Property Unit Trust 

Out of the categories listed above, these would likely fall under the one highlighted (i.e. 'Unlisted/Private Real Estate Property Funds/Vehicles etc'). The attached Q4 December 2018 investment reports include all relevant information regarding amounts invested, market value, yield etc, as at 31 December 2018. Please note, the Fund's holding in Rockspring is particularly small, and this currently sits within the Schroder portfolio, hence the reason for only two Q4 Reports (BlackRock and Schroder).

Q.2    The current yields of the different investments the pension fund holds.

A.2    See Q4 Reports as per previous question. 

Q.3    Can you clearly specify the total value of all real estate investments that the Pension Fund holds.

A.3     The attached Q4 Reports detail market values at 31 December 2018 for each of the Fund's PUTs.

Q.4    I would like to receive this information in an unlocked excel sheet without protected cells (.xls). 

A.4    Please see the attached document

Q.5    Please supply a copy of the Pension Scheme’s latest Statement of Investment Principles and most recent Pension Fund Report & Accounts. 

A.5     The latest Investment Strategy Statement (December 2018) for NCCPF is attached, along with the 2017/2018 NCC Pension Fund Annual Report and Accounts. 
These documents are also available on the Northumberland County Council website.
 


Details:

Reference Number: 5561
Request Date: 06/02/2019 Archived

Question and Response:

Q.1      What is the market value of the council’s pension funds?

A.1
https://www.northumberland.gov.uk/NorthumberlandCountyCouncil/media/About-the-Council/Finance/Statement-of-Accounts-2017-18-FinalSC-26-07-18.pdf

The above link is to Northumberland County Council's Statement of Accounts 2017/2018, which are available on the NCC website. Notes 32 and 33 to the accounts (pages 108 - 118 on the attached link) detail the Councils participation in various pension schemes, with the market value (of NCC's share of the Funds, as 'employer') detailed specifically on Page 112.

Northumberland County Council is the administering authority for the Local Government Pension Scheme (LGPS), and the market value of the Northumberland County Council Pension Fund (NCCPF) as a whole, as at 31 March 2018, is again included within the above link (Pension Fund Accounts pages 180 - 207) with specific market value of the assets of the Fund detailed on pages 181 and 182.

Q.2      What is the market value invested in each company directly by the council?

A.2       The values and proportions of Northumberland County Council Pension Fund's externally managed assets, as at 31 March 2018, are detailed in Note 14 (page 190) of the NCC Statement of Accounts 2017/2018, again as per the link above to the NCC website. Note 20 (page 193) details outstanding and initial commitments made by NCCPF.

Q.3       If the council holds investments through an external fund manager please provide the investment portfolio for that manger, which includes the market value for each of their investments.

A.3       NCCPF holds investments in pooled investment vehicles through various external fund managers, again as detailed on the above link (page 190), however does not hold information in relation to the underlying investments made by the external fund manager on behalf of NCCPF. 

Q.4      Does the council apply any specific investment inclusions or exclusions to pension funds or financial investments? If so, please provide details on what they are.

A.4       Attached is the most recent Investment Strategy Statement ('ISS 1 Dec 2018') for Northumberland County Council Pension Fund.  LGPS Scheme members have the option of paying additional voluntary contributions (AVCS). When doing so, scheme members must choose between a number of different types of investments, one of which is an ethically screened portfolio.   

Q.5      Has the council made any public statements regarding divesting unethical companies or ethical investment in the last 5 years? Please provide link to statements.

A.5      No, the Council has not made any statements of this nature in the last 5 years.
 


Attachments:

Details:

Reference Number: 5568
Request Date: 08/02/2019 Archived

Question and Response:

I am aware that all Billing Authorities hold records of businesses that have created a new account.

Q.1     We would like to obtain a list of businesses who are paying business rates who have created a new account within the last 12 months. If this information is available on the website then please also indicate when the requested information (spreadsheet or website) has been updated and a link to this if available.

I therefore request a breakdown including the following information:
A) The name of each business in respect of which non-domestic rates are payable. 
B) The Rateable value of the property.
C) The address of the business in respect of which non-domestic rates apply.
D) The date the account was created.

A.1    Northumberland County Council confirms that it holds the information you have requested, please see the attached information in response.
 


Details:

Reference Number: 5868
Request Date: 02/04/2019 Archived

Question and Response:

Q.1    I request access to and copies of alternative investment portfolio records specifically for close-ended:
  • private equity funds
  • debt funds
  • real estate funds
  • infrastructure funds
  • fund of funds; and
  • hedge funds
(“the Records”) and details of:
  • committed capital
  • invested capital
  • distribution
  • market value
  • Net IRR; and
  • MOIC/TVPI
on a fund by fund basis with aggregated values since inception for quarter ending 31/12/2018 ("the Information";).

This request is ongoing, seeking copies of (or access to) all Records as they are filed with Northumberland County Council Pension Fund / updates to the Information as they are filed with the Northumberland County Council Pension Fund. I am further requesting that the Records / Information be provided to me in PDF or Excel format, if not maintained on computer files, in the same format as they are / it is currently maintained at the Northumberland County Council Pension Fund.

A.1   NCCPF has investments in closed ended partnerships for private equity and infrastructure.  

NCCPF has no holdings in close ended real estate or hedge funds.

Page 5 of the attached NCC Pension Fund Annual Report and Accounts 2017-18 lists all names and addresses of external investment management firms NCC Pension Fund allocates capital to.  Vintage years are shown in Note 20 (on page 78) of the attached NCC Pension Fund accounts 2017-18. The NCCPF Annual Report and Accounts for 2018-19 will be published on or around 31 July 2019.
   
Information including committed capital, invested capital, distributions and market value  is shown on the attached spreadsheet NCC Alternative Investments as at 31 December 2018, which is the most recent information available.

The most recent valuations held by NCC for each of the PE/Infrastructure partnerships are attached. Where IRRs or MOICs are held, they are included in this attached information.  The majority of these valuations relate to the 31 December 2018 period, with the exception of NB Alternatives, which are as at 30 September 2018 (awaiting the 31 December valuations)
 


Details:

Reference Number: 6018
Request Date: 03/05/2019 Archived

Question and Response:

Q.1 Please provide the following information for each of the LOBO loans held in the 2015/16 financial year:
1. Internal reference number
2. Principal
3. Initial counterparty
4. Date loan was signed
5. Drawdown date
6. Maturity date
7. Option period (number of months)
8. Start date for teaser rate (if applicable)
9. Teaser interest rate (if applicable - intended as the discount rate sometimes offered before the initial rate)
10. Start date for initial rate
11. Initial interest rate (intended as the rate set for the term of the loan until the first option is called)
12. First option date
13. Has the option been exercised?
14. Most recent date when option was exercised (if applicable)
15. Interest rate in 2015/16 
16. Interest paid in 2015/16 
17. Fair value in March 2016
18. Interest rate in 2018/19 
19. Interest paid in 2018/19 
20. Fair value in March 2019
21. Current counterparty 
22. Name of treasury management advisor when the loan was taken out
23. Name of broker who arranged the loan
24. Fee paid to the broker for the loan

Please provide copies of:
1. The original LOBO loan contracts
2. The invoices for the broker fees 

A.1 Northumberland County Council confirms that it holds the information you have requested, please see the attached information in response
 


Details:

Reference Number: 6025
Request Date: 02/05/2019 Archived

Question and Response:

Q.1 Regarding alternative asset investments of Northumberland County Council Pension Fund. We are looking for information like the name, address, manager and vintage year of each alternative investment in your portfolio. (This should include private equity, venture capital, distressed debt, mezzanine, infrastructure, fund of funds, real estate and hedge fund partnerships.)
  • Amount committed to the partnerships and amount drawn by the partnerships.
  • Distributions made to date by each individual partnership. 
  • Net asset value of each partnership, and estimated remaining value of each partnership.
  • IRRs for each partnership.
  • Date as of which all the above data was calculated.
  • Partnership agreements, Investment advisory agreements, private placement memorandums or subscription agreements related to each partnership.

A.1 Northumberland County Council confirms that it holds the information you have requested, please see the attached information in response
 


Details:

Reference Number: 6031
Request Date: 07/05/2019 Archived

Question and Response:

I request a copy of the quarterly public records from the latest quarter for the following information about Northumberland County Council Pension Fund, if possible in Excel format:

A. See below plus zip folder with attachments

Q.1    Names and vintages of all private equity, private debt/private credit/direct lending and infrastructure partnerships or funds in the pension scheme's portfolio.
 
A.1    NCCPF has investments in closed ended partnerships for private equity and infrastructure.  Page 5 of the attached NCC Pension Fund accounts 2017-18 lists all names and addresses of external investment management firms NCC Pension Fund allocates capital to.  Vintage years are shown in Note 20 (on page 78) of the attached NCC Pension Fund accounts 2017-18.  

Since the publication of these accounts, the Fund has made a further infrastructure commitment to Pantheon's Global Infrastructure Fund III from August 2018, which is reflected in the additional attachments to this email, particularly the 'NCC Alternative Investments as at 31 December 2018'spreadsheet.  This investment will be included within the Fund 2018-19 accounts, which are currently being drafted and will be published on or before 31 July 2019, reflecting the fund's assets as at 31 March 2019.

Q.2    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.

A.2   As at 31 March 2018 (from the 2017/18 NCC Pension fund accounts attached), the percentage of externally managed assets in private equity was 4.1% and in infrastructure was 3.9%. 
As at 31 December 2018, the most recently available information to the Fund, the percentage of externally managed assets in PE is 3.8%, and infrastructure 4.8%, reflecting the infrastructure investment made with Pantheon following production of the 2017/18 accounts.
The target is 5.0% in each, and that has been the case for the last 3 years

Q.3    Current information on amount committed to each partnership and amount drawn by the partnerships.

A.3   This information is shown on the attached spreadsheet (NCC Alternative Investments as at 31 December 2018), as well as the individual partners capital statements for each investment, which are the most recently available statements i.e as at 31 December 2018. For NCCPF's two investments with Pantheon, no partners capital statements are available, therefore NCCPF's own spreadsheets are attached ('Pantheon Infra/Pe - calls made') which is updated to capture initial commitments and amounts drawn to date.

Q.4     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 any other performance metrics used by your pension fund.

A.4   Where held, these (IRRs) are included in the latest available partners valuation for each holding (attached).  In terms of other performance metrics used by NCCPF, the attached document 'PE 31-12-18 Annualised Returns - NCC' is an extract from the 31-12-18 report from Portfolio Evaluation Ltd, the Fund's performance measurement service provider. This is the most recently available report from PE.

Q.5    Please name any private equity, private debt/private credit/direct lending and infrastructure co-investments you have made, and the manager responsible.

A.5   NCCPF does not have any direct co-investments, however all of its Private Equity fund of fund managers can have co-investments.

Q.6    Please disclose any direct private equity, private debt/private credit/direct lending and infrastructure investments you have made.

A.6   NCCPF does not have any direct investments in these asset classes.  It has exposure to private equity and infrastructure investments via partnership arrangements with the managers set out in response to question 1.

Q.7    Investment multiple for each partnership.

A.7   Where held, these are included in the latest available partners valuation for each holding (attached).

Q.8    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.

A.8   None of the above asset partnership investments have been partially or fully sold by NCC.

Q.9    Names of advisors mandated by the pension fund to advise on allocations to private equity and infrastructure.

A.9   NCC's Pension Fund Panel makes the decisions on asset allocations with the advice of its appointed investment adviser.  The current adviser to the Panel is Mercer.

Q.10   Names and Contact details of the individual responsible for the pension funds allocation to private equity, private debt/private credit/direct lending and infrastructure.
If there are any fees for searching for, reviewing, or copying the records, please inform me before you task the request. If you deny all or any part of this request, please cite each specific exemption you think justifies your refusal to release the information and notify me of appeal procedures available under the law.
 
A.10   See response to question 9. Under the legislation governing the LGPS, NCC is the "Scheme Manager" responsible for all decisions made under the LGPS Regulations, including asset allocations.  NCC has delegated the discharge of all functions and responsibilities in relation to the Scheme Manager role to the Pension Fund Panel. The Pension Fund Panel is a Section 101 committee of NCC.
 


Details:

Reference Number: 6047
Request Date: 08/05/2019 Archived

Question and Response:

Q.1 I would be grateful if you could confirm the number of Personal Savings Statements (annual allowance statements) issued to members of the Northumberland  Fire and Rescue Firefighter Pension Scheme in 2014/15, 2015/16, 2016/17 and 2017/18.

A.1     

2014/15 = 6

2015/16 = 0
2016/17 = 15
2017/18 = 11

Q.2    I would be grateful if you could confirm the number of scheme pays elections made by members of the Northumberland Fire and Rescue Firefighter Pension Scheme in 2014/15, 2015/16, 2016/17 and 2017/18.

A.2     

2014/15 = 1

2015/16 = 0
2016/17 = 0
2017/18 = 3

Q.3   I would be grateful if you could confirm the number of LTA charges incurred by members of the Northumberland Fire and Rescue Firefighter Pension Scheme in 2014/15, 2015/16, 2016/17 and 2017/18.

A.3     
2014/15 = 0

2015/16 = 0
2016/17 = 1
2017/18 = 0
 


Details:

Reference Number: 6058
Request Date: 13/05/2019 Archived

Question and Response:

Q.1   From the council's pension scheme, please detail the size and value of funds from Capital Group over the last 4 years. For each year, state the value of that position at the end of the calendar year and detail which funds or financial products were held. For 2019, provide the most recent valuation. Please also provide details for funds held and their value on 13 July 2016.

A.1   Northumberland County Council Pension Fund currently has no investments with Capital Group, and has not invested with this company at all during the four year period specified
 


Details:

Reference Number: 6145
Request Date: 29/05/2019 Archived

Question and Response:

Q.1    Does the fund have equity holdings in:
      a)  G4S (traded in the UK as GFS)
      b)  Serco (traded in the UK as SRP)
      c)  Sodexo (formerly Sodexho, traded in the UK as 0J3F)
 
What is the value of those equity holdings in pound sterling. I would like the most recent data available.
 
A.1   Please see below plus attachment:

Northumberland County Council Pension Fund has no direct holdings in companies, however, it does have indirect equity holdings via its ownership of units in various pooled vehicles managed on the Fund’s behalf by Legal and General Investment Management Ltd.

Legal & General – the Fund’s index tracking (passive) manager

The Northumberland County Council Pension Fund delegates the day to day management of the Fund’s investments to external fund managers, one of which is Legal & General.  Legal & General manages investments in pooled vehicles tracking various indices.

The attached shows the value of the Northumberland County Council Pension Fund’s holdings in Legal & General’s equity index funds as at 1 April 2019, at mid, bid and offer values.  From this information, it is possible to calculate the value of the shareholdings attributable to Northumberland County Council Pension Fund (i.e. indirect holdings), by applying the market weightings of the appropriate index for the company you are interested in to the total value of the Legal & General fund shown on the attached.  Northumberland County Council does not hold information about the attributable individual shareholdings for the Legal & General portfolio
 


Details:

Reference Number: 6305
Request Date: 01/07/2019 Archived

Question and Response:

Please may you provide me with the proxy voting records of the Northumberland County Council Pension Fund for the period of 1st January 2019 to 30th June 2019. For the avoidance of doubt, I am referring to the investments made by the Pension Fund rather than any electoral voting.

Ideally, I would like to have the following information in electronic format:

·     Name of Issuer
·     Issuer Identifier e.g. Ticker or CUSIP
·     Date of Shareholder Meeting
·     Type of Shareholder Meeting (Annual, Special etc.)
·     Proposal No.
·     Proposal
·     Proposer (Management / Shareholder)
·     Vote cast by Northumberland County Council Pension Fund
·      Entity responsible for vote decision (Internal/external asset manager (if external, please name) / proxy voting advisor (ISS, Glass Lewis etc.)

In addition, please indicate whether the Northumberland County Council Pension Fund has its own proxy voting policy or whether you use that of an external provider (Please Name).

For your interest, Proxy Insight is a new business helping issuers achieve best practice in Corporate Governance by demonstrating global shareholder voting practices. To this end we are collecting voting data and policies of all significant global investors.

The exercise of rights (including voting rights) attaching to investments 

Voting rights
The Panel has delegated the exercise of share voting rights for the Fund’s effective public equity holdings to its investment manager, Legal and General, to vote in accordance with Legal and General’s own policy.

The Panel reviews Legal and General’s share voting policy periodically.  The Panel considers that the Fund’s and Legal and General’s interests are aligned, as both seek to enhance long term shareholder value.

The Fund encourages Legal and General to vote shares in all markets, where practical.

Northumberland County Council confirms that it holds the information you have requested, please see the attached information in response
 


Details:

Reference Number: 6530
Request Date: 15/08/2019 Archived

Question and Response:

Pantheon’s Infrastructure portfolio
Pantheon’s Private Equity portfolio
 
Q.1     Are you able to tell me how much was committed to both of these funds and when the commitments were made official? 

Response below, plus attachment.

Pantheon’s Infrastructure portfolio
Pantheon’s Private Equity portfolio

A.1     Page 82 (Note 20 - Outstanding Commitments) of the attached 'NCCPF Draft Annual Report and Accounts 2018-19' details the vintage years and initial commitments made to all of NCCPF's investments, including the two Pantheon investments as requested. In terms of the date commitments were made official;

- the investment to Pantheon's Global Select (PE) Fund (c£50 million) was made official on 26 July 2017, with the first capital call requested on 19 Sept 2017; and
- the investment to Pantheon's Global Infrastructure Fund III (Infra) (c£41 million) was made official on 4 June 18, with the first capital call requested on 10 Sept 2018.
 


Details:

Reference Number: 6535
Request Date: 15/08/2019 Archived

Question and Response:

Q.1       The number of Personal Savings Statements issued to members of your Firefighter Pension Scheme who’ve exceeded the annual allowance in the 2017/18 and 2018/19 tax years.

Q.2       The number of LTA charges incurred by scheme members of your Firefighter Pension Scheme in 2017/18 and 2018/19 tax years.

Q.3       The total cash value of the Scheme Pays charges paid by your Firefighter Pension scheme to HMRC for 2014/15, 2015/16, 2016/17 and 2017/18.

If you administer more than one Fire & Rescue Service’s Pension scheme, I’d be grateful if you could confirm the names of all the Fire & Rescue services the data provided covers.

Prospect has members across the Public Sector including members of the Fire Leaders Association.

A.1 - A.3    Please note that the statutory deadline for Annual Benefit Statement production is 31 August. This is the process which produces the Annual Allowance growth figures. The statutory deadline for supplying the Pension Savings Statement is then 6th October. This means that West Yorkshire Pensions Fund (WYPF) do not have and will not have the actual figures for 2018/19 before the 30/08/2019 deadline quoted.

Please see the attached document.

The Firefighters' Pension Scheme (FPS) is a single scheme, which applies to all F&R Services and Authorities in England.  It is locally administered, however.

Northumberland County Council (NCC) administers the FPS (i.e. it has the statutory function of FPS "Scheme Manager") for NCC's current and former FPS members. NCC has a shared service arrangement in place with West Yorkshire Pension Fund (WYPF), under which WYPF provides FPS administration services to NCC, including FPS pensioner payroll services and maintenance of NCC's FPS member records.  Responses to Q1, Q2 and Q3 have been provided to NCC by WYPF.
 


Details:

Reference Number: 6627
Request Date: 05/09/2019 Archived

Question and Response:

Q.1   On behalf of PEI Media I request a copy of Northumberland County Council Pension Fund’s most recently available public records that detail the
following investment information at the partnership level where available.

Investment Portfolio Allocations

•Current and target allocation to alternative investments (private equity, private real estate, infrastructure, private debt, agriculture)

As at 31 March 2019 (from the 2018/19 NCC Pension fund accounts attached), the percentage of externally managed assets in private equity was 3.6%, property 3.9% and in infrastructure was 5.2%. 

As at 30 June 2019, the most recently available information to the Fund, the percentage of externally managed assets in PE is 3.3%, property 3.8% and infrastructure 5.2%.
 
The target allocation is 5.0% in each, and that has been the case for the last 3+ years

There is no allocation to alternative investments in private debt or agriculture. 
 
• AUM of total investment portfolio

 As at 30 June 2019 the AUM was £1,473.5m

Fund Commitments

• Names and vintage years of all closed‐ended alternave funds in your instuon’s porolio. This would include but is not limited to Buyout/Corporate Private Equity, Distressed/ Turnaround, Fund of
Funds/Co-investment, Mezzanine/Debt, Secondaries, Venture Capital/Growth Equity, Core, Core Plus, Opportunity, Listed Equity, Unlisted Equity, Distressed Debt (Acquisition), Fund of Private Debt
Funds, Royalty Financing (Originaon), Senior Debt (Acquision), Senior Debt (Originaon), Subordinated Debt (Acquisition), Subordinated Debt (Originaon), Direct Secondaries, Fund of Firms, Agtech, Buy and Lease, Own and Operate.

NCCPF has investments in closed ended partnerships for private equity and infrastructure. NCCPF has no holdings in close ended real estate or hedge funds.

Page 5 of the attached NCC Pension Fund Draft Annual Report and Accounts 2018-19 lists all names and addresses of external investment management firms NCC Pension Fund allocates capital to.  Vintage years are shown in Note 20 (on page 82) of the attached NCC Pension Fund draft accounts 2018-19. The final NCCPF Annual Report and Accounts for 2018-19 will be published soon, although there are not anticipated to be any changes from the attached.
 
• List of fund commitments made since 2010

Commitments are shown in Note 20 (on page 82) of the attached NCC Pension Fund draft accounts 2018-19, which covers all commitments made by the Fund since 2010.
 
• Key investment professionals listed for each partnership

see response below Fees and Expenses 

• Names of all partnerships partially and fully sold by you including date of sale

None of the above asset partnership investments have been partially or fully sold by NCC.  
 
• Commitment amount made to each partnership

Commitments are shown in Note 20 (on page 82) of the attached NCC Pension Fund draft accounts 2018-19, which covers all commitments made by the Fund since 2010.  
 
Fees and Expenses

• Investment multiple for each individual partnership and date the calculation was made

Where available see attached 

• Total management fees and costs paid for each individual partnership as percentage of committed Capital

 Where available see attached 

• Hurdle rate set by each fund’s general partner(s)

Where available see below 

• Proportion of carried interest which will be charged at the end of the fund life Performance

 Where available see attached 

• Net Asset Value of each partnership and date the calculation was made 

See attached 

• Internal rates of return since inception for each individual partnership and date the calculation was made

Where available see attached 

• Investment multiple for each individual partnership and date the calculation was made

See attached 

If possible, providing the information listed above would be most helpful in a format such as Excel.

NCC Pension Fund has holdings in the following closed ended alternative funds:

(A) NB Crossroads Fund XVIII
(B) NB Crossroads Fund XX
(C) Morgan Stanley Private Markets Fund III
(D) Morgan Stanley Global Distressed Opportunities Fund  
(E) Morgan Stanley Private Markets Fund IV 
(F) Global Infrastructure Partners Fund II 
(G) Antin Infrastructure Partners Fund II 
(H) Pantheon Global Select 2017 
(I) Pantheon PGIF III 2018

Each of the above named funds are at a different stage of maturity with (A), (B), (C), (D) and (E) being mature/ fully called, and therefore the information requested is no longer considered commercially sensitive.

For funds (A) and (B), the information requested is attached.

For funds (C), (D) and (E), the information requested is set out below:

• Hurdle rate set by each fund’s general partner 

The hurdle rate for Private Markets Fund III LP (PMF III), PMF IV LP (PMF IV) and Global Distressed Opportunities Fund LP (GDOF) is 8%.

• Proportion of carried interest which will be charged at the end of the fund life 

For funds (A) and (B), the information requested is attached.

• Key investment professionals listed for each partnership 

All investment opportunities (whether co-investment, secondary investment, or primary investments and without respect to geographic region or sector) are evaluated by the AIP Private Markets Team Global Investment Committee, which is comprised exclusively of AIP Private Markets Team members. The Investment Committee is staffed with core members of the Team who vote on all opportunities, irrespective of type, geography or strategy, and additional Investment Committee members are brought in to vote on opportunities in their respective areas of expertise. 

For funds (F), (G) , (H) and (I), the information requested has been withheld.

The information requested relates to the commercial terms of the agreement between NCC Pension Fund and the general partners and the general partners' key investment professionals, and falls under the exemptions set out at Sections 41 and 43 of the Freedom of information Act.  I have set out below why I believe this to be the case

The relevant exemptions set out in full:

Section 41

(1) Information is exempt information if:

(a) it was obtained by the public authority from any other person (including another public authority) and

(b) the disclosure of the information to the public (otherwise than under this Act) by the public authority holding it would constitute a breach of confidence actionable by that or any other person

(2) The duty to confirm or deny does not arise, if or to the extent, that the confirmation or denial that would have to be given to comply with Section 1(1)(a) would (apart from this Act) constitute an actionable breach of confidence.

Section 43

(1) Information is exempt information if it constitutes a trade secret.

(2) Information is exempt information if its disclosure under this Act would or would be likely to prejudice the commercial interests of any person (including the public authority holding it)

(3) The duty to confirm or deny does not arise if, or to the extent that compliance with Section 1(1)(a) would or would be likely to prejudice the interests mentioned in sub-section (2).

Disclosing information relating to  the commercial terms of the agreements between NCC Pension Fund and the general partners and the general partners' key investment professionals would give information which could be valuable to the general partners' competitors.  The information requested is highly commercially sensitive and essential to the general partners' ability to be successful in the future, and the general partners' willingness to contract with NCC Pension Fund in the future. Therefore, the exemptions of Sections 41 and 43 apply to the information requested.

Section 41 exemption

The Council confirms that it holds the information however it is subject to confidentiality clauses in the partnership agreements between Northumberland County Council, acting in its capacity as administering authority for the Northumberland County Council Pension Fund, and the individual general partner.  Disclosure of such information may constitute an actionable breach of each the partnership agreement. Further, the public interest in disclosing the information would not, in this case, override the public interest in maintaining the confidence.

Section 43 exemption

The Council confirms that it holds the information requested however disclosure of the information would, or would be likely to, substantially prejudice the commercial interests of Northumberland County Council in its role as administering authority and also each of employers (including NCC) that participate in NCC Pension Fund. Disclosure would also prejudice the general partners and other investors in those partnerships.  Effectively, the information requested represents a trade secret under Section 43(1) of the Act, as far as the general partners are concerned. Commercial terms of business and key investment personnel information is valuable information for other (competitor) general partners which could be advantageous to rival general partners and could harm the Fund’s investments. The information could show the Fund’s general partners’ hands, as it were, to the competition who trade against them, and impact upon their ability to trade in the market place in certain situations.

 I am therefore unable to comply with your request in respect of the Fund’s less mature closed ended alternative funds.

Although I believe the Section 43 exemption applies in this case, I would still be obliged to release the information in response to your request unless the public interest in maintaining the exemption outweighs the public interest in disclosing the information.  The Council appreciates the public interest in openness and transparency in respect of public funds, but also believes there is a significant public interest in ensuring that Northumberland County Council Pension Fund is not restricted in its ability to access the widest possible range of funds within the appropriate marketplace.  The specific public interest in safeguarding the legitimate commercial interests of the Council and the external parties concerned outweighs the general public interest in openness and transparency.