The Director presented an update on the recent Investment Consultation.

The Director confirmed that the Government have now issued a response consultation on the proposals for improving the process of pooling to ensure that LGPS funds are supporting growth in the UK. Further regulations and guidance are expected during the first part of 2024 although the timetable is not entirely clear. The Director asked members to refer to the immediate implications of this which were outlined in the report.

Work is to be carried out on levelling up documents to bring them in line with the requirements identified and it is unlikely that the level of private equity investment will be agreed due to increase exposure in this are not being in line with the risk appetite. A Transition Plan is being worked on and will be presented to the Authority at the March meeting.

RESOLVED: Members noted the contents of the report.