ACCESS Pool picks managers for US, European senior secured direct lending mandates

ACCESS Pool, one of the eight UK Local Government Pension Scheme (LGPS) investment pools with assets totalling £52bn (€62bn), has appointed Arcmont and Golub Capital to manage two distinct senior secured direct lending mandates focusing on European and US markets, respectively.

Arcmont will oversee the European mandate, with an allocation of £200m. Golub Capital will, meanwhile, manage the US mandate with a commitment of £150m.

The strategies from both managers will provide senior secured direct loans to corporates, with a focus on middle market companies backed by private equity sponsors.

The appointment of the managers followed a competitive process, launched in August 2024 by Apex Investment Advisory and follows recent allocations by the pool to other areas of the private markets, including infrastructure, social affordable housing, and impact real estate.

ACCESS has also recently announced its intention to establish its own investment management company authorised by the Financial Conduct Authority, in a push back against Rachel Reeves ‘megafund’ plans.

The pool says efforts are underway to develop the investment team, which will be responsible for portfolio management, oversight capabilities, and enable the pool to provide further value for money and the economies of scale that it has delivered to date.

Mark Kemp-Gee, chair of the ACCESS joint committee, said: “This allocation to senior direct lending marks the fourth phase of our private markets journey.

“We were highly impressed with the experience of both Arcmont and Golub Capital, and believe they are well placed to maximise the benefits of this asset class for our partner funds and members.”

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