Head of Private Markets Head of Private Markets …

LGPS Central Limited
in Wolverhampton, England, United Kingdom
Permanent, Full time
Last application, 03 Jul 20
Competitive
LGPS Central Limited
in Wolverhampton, England, United Kingdom
Permanent, Full time
Last application, 03 Jul 20
Competitive
LGPS Central Limited is a fund management company, regulated by the Financial Conduct Authority (FCA), managing the pooled assets of nine Midlands-based local government pension funds.

With combined assets of approximately £45bn, and representing the retirement savings of about 1 million scheme members across over 2,000 employers, LGPS Central Limited’s Partner Funds are;

Cheshire Pension Fund, Derbyshire Pension Fund, Leicestershire Pension Fund, Nottinghamshire Pension Fund, Shropshire Pension Fund, Staffordshire Pension Fund, West Midlands Pension Fund, and Worcestershire Pension Fund.

Since its launch in April 2018, LGPSC has become responsible for around £20bn of these assets. Around £10bn is held in funds structured in an Authorised Contractual Scheme (ACS, itself authorised by the FCA) and around £10bn in a range of advisory and discretionary mandates. The volume of assets under management is expected to grow rapidly over the next few years as, in partnership with our Partner Funds, new sub-funds are developed and launched into which Partner Funds’ assets will transition. A range of further sub-fund launches are planned for this financial year across a range of asset classes.

LGPS Central Limited is owned equally by its pension funds and is dedicated to the management of local government pension assets. The aim of the Company is to use the combined buying power of its Partner Funds to reduce costs, improve investment returns and widen the range of available asset classes for investment – all for the benefit of local government pensioners, employees and employers. We are also committed to fully integrating Responsible Investment and Engagement into all our investment processes.

The management of Local Government Pension Scheme funds is going through significant change, providing career-changing opportunities for those who have the relevant investment experience and who want to work within a company which values integrity, trust, transparency, diversity, fairness and partnership. LGPS Central Limited aims to be a centre of excellence and we seek candidates who share our values to help us achieve that goal.

Our objective is to be a leading investment management company working with and for our Partner Funds. With a focus on value for money and performance we want to aspire to be one of the best because this is how we will deliver the superior investment returns and low costs for our Partner Funds.

We are a diverse and inclusive employer and would welcome interest from all sections of the community.

LGPS Central Limited is now seeking to hire a Head of Private Markets to be based either in the Wolverhampton or Matlock offices of LGPS Central Limited.

About the role

Private Markets Team

The LGPSC Private Markets team manages £4bn of advisory mandates and pooled assets for our partner funds. This includes a £257m 2018 vintage pooled Private equity fund.

LGPSC is seeking to launch more pooled private markets funds in Private Equity, Infrastructure, Property and other private markets. We may also seek to manage more partner fund legacy assets under advisory agreements.

The LGPS Central’s Private Markets team has two objectives. Firstly, actively manage the existing portfolios and secondly to build out new pooled Private Market funds/platforms which will originate, underwrite and manage future Private Market investments (Funds and Direct Co-investments) on behalf of our Partner Funds.

The Head of Private Markets role at LGPS Central offers an opportunity to be part of the development and growth story of a multi-billion pound asset manager, to join an organisation where you will not only have the prospects to hone your investment skills but also be part of the product/platform development and launch.

The role will require you to support the Chief Investment Officer and will include, but not be limited to:

  • Management of the Private Markets Investment team
  • Chairing the Private Markets Investments committee (PMIC)
  • Membership of the Investment Committee for LGPSC
  • Development of new pooled private Market products for the partner funds
  • Direct responsibility for the Private Equity portfolios
  • Oversight of the Management of the existing and new Private Market portfolios working with the investment directors and senior portfolio managers.
  • Membership, alongside the CIO and Head of Public Markets, of the “CIO Office”

The Private Markets teams’ responsibilities include but are not limited to:

  • The Origination, Analysis, Due Diligence (both on and off-site), legal review and negotiation (working with internal and external counsel), execution, and post-execution active monitoring and management of Primary Fund Investments;
  • The Origination, Analysis, Due Diligence (both on and off-site), legal review and negotiation (working with internal and external counsel), execution, and post-execution active monitoring and management of Direct, Co-Investments;
  • Presenting new transactions to the LGPS Central Private Markets Investment Committee for approval;
  • Working with the Finance and Operations team to ensure Capital and Expense Calls, Distributions, and Investment/Fund related expenses are efficiently processed.
  • Review and analysis of ESG risks for any Primary Fund and Direct, Co-Investments being underwritten (working closely with the in-house Responsible Investment Team)
  • As a team, actively monitor, manage and advise on the Private Market portfolios of Partner Funds. This includes advising on possible consolidations, secondary sales, attending External Manager meetings, Annual Investors Meetings, and ad-hoc calls/meetings with External Managers;
  • Representing the LGPS Central Pool portfolio interests on investor advisory boards of External Funds;
  • Development and launch of future LGPS Central Private Market Funds. Tasks include negotiation of requirements with investors, specification of mandates, business case development, legal set up, IT systems and controls.

If you are interested in applying for this role, please forward your CV with a covering letter to recruitment@lgpscentral.co.uk quoting reference HPM, highlighting your key strengths and experience in relation to the job profile.

Role

Role Purpose: 

Based in the Midlands (Wolverhampton or Matlock investment Offices), the Head of Private Markets will work closely with the CIO to build a professional, high performing Private Markets function across both locations. The successful candidate will influence the investor style and culture of LGPS Central Limited. This will include working with the CIO to ensure that the size and skill base of the investor team always meets the partner funds’ needs and supporting the CIO and Client Relations function in communications with the partner funds.

Financial:

Management of the Private Markets Team

Non-Financial:

People Management of the private Markets Team including Senior Portfolio Managers
Health and Safety
Performance management and reporting

Delegated Authority Levels:

As per the Investment Delegation Policy

Reports to:

CIO

Relationships Internal:

Executive Directors, Non-Executive Directors, Heads of Service, Portfolio Managers and other LGPS Central Limited Staff.

Relationship External:

Partner funds, Agencies, Suppliers, Legal, Private market relationships for funds and co-investments, Research providers  

Need to do

Role Responsibilities: 

  • A member of the CIO Office with the DCIO and CIO managing the investments of LGPSC
  • Deliver the shared objectives of LGPS Central Limited and our partner funds focused on improving risk adjusted return after cost and the launch of pooled sub-funds.
  • Managing and improving investment capability and skills of the private Markets team
  • Integrate and maintain the house view on Responsible Investment into the investment process and culture
  • Be an ambassador for LGPS Central Limited within the investment community, partner funds, and with regulators and key stakeholders
  • Chairing the Private Markets Investment committee (PMIC). Take direct responsibility for Private Equity assets.
  • A member of the Investment Committee (IC) overseeing and advising on all investment portfolios, having significant input to the investment strategy of the pool, and chairing the IC in the absence of the CIO/DCIO
  • Provide assurance that portfolios are managed within the parameters set in the Prospectus/ Segregated mandates
  • In conjunction with the CIO/DCIO and Investment Directors, devise and deliver a transparent and repeatable investment process that follows the LGPS Central Limited policies
  • Implement and manage risk and compliance in accordance with the Risk and Compliance Framework in collaboration with the CCRO and General Counsel.
  • Embed a culture of high performing, collaborative, research-based investing across LGPS Central Limited
  • Embarking on an appropriate first line of defence control framework within the Investment Team 
  • Overseeing and managing the existing and new Private Market portfolios working with the investment directors and senior portfolio managers
  • Responsibility for origination, analysis, due diligence (both on and off-site), legal review and negotiation (working with internal and external counsel), execution, and post-execution active monitoring and management of Primary Fund Investments
  • Working with the Finance and Operations team to ensure Capital and Expense Calls, Distributions, and Investment/Fund related expenses are efficiently processed
  • Review and analysis of ESG risks for any Primary Fund and Direct, Co-Investments being underwritten (working closely with the in-house Responsible Investment Team)
  • As a team, actively monitor, manage, and advise on the Private market portfolios of Partner Funds. This includes advising on possible consolidations, secondary sales, attending External Manager meetings, Annual Investors Meetings, and ad-hoc calls/meetings with External Managers;
  • Representing the LGPS Central Pool portfolio interests on investor advisory boards of External Funds;
  • Development and launch of future LGPS Central Private Markets Funds. Tasks include negotiation of requirements with investors, specification of mandates, business case development, legal set up, IT systems and controls. 

Need to Know

Skills/Knowledge/Experience/Competence:

  • Significant experience of investment decision making in Private Markets and Private Equity in particular.
  • Demonstrates portfolio construction and investment selection skills
  • Experience of management and oversight of investment portfolios
  • Has run and developed high performing teams 
  • High degree of professional ethics, integrity and gravitas
  • Excellent judgement and analytical skills
  • First class interpersonal, people management and communication skills 
  • Well-developed partnering skills, including building personal credibility and professionalism                                                                                                   
  • Ability and confidence to draw out and effectively manage conflict/challenge
  • Substantial relevant experience of collaborative investment decision making and portfolio management at a senior level.
  • Can evaluate performance and risk of investment portfolios objectively.  Experience of management and oversight of internal and external investment portfolios across multiple asset classes.
  • Excellent judgement and analytical skills.

Qualifications:

CFA or equivalent qualification/ relevant investment experience.
Has or can meet all the requirements of being FCA CF 30 approved person.

Values and Behaviours

Values:

  • Integrity
  • Client Focus
  • Supportive Workplace
  • Togetherness
  • Cutting Edge

Behaviours:

  • Open, fair and transparent
  • Honest and trustworthy
  • Empowered in making right decisions
  • Accountability for results and delivery
  • Aspire towards partner fund expectations
  • Fair treatment of staff
  • Challenge status quo appropriately and work collaboratively
  • New thinking and continuous improvement
  • Centre of excellence
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