Britannia Pension Scheme sells £72m investment in private credit fund

Britannia Pension Scheme has completed the sale of a private credit fund exposure using the Isio Fund Liquidity Options (i-FLO) platform.

The scheme used i-FLO to sell a circa £72m (€83m) investment in a private credit fund on the secondary market.

Britannia Pension Scheme is the first client to complete its transaction on the Isio platform for pension schemes to sell illiquid assets ‘more efficiently’, which was launched back in May.

The platform was launched following significant demand from pension schemes to sell illiquid assets, combined with the challenges of doing so at competitive prices and fee levels, in a timely manner.

Isio said that pension schemes relying on traditional routes to sell illiquid assets may find the process to be inefficient and expensive, particularly in nascent markets such as private credit and infrastructure equity. It added that the i-FLO platform offers an efficient solution to this problem.

John Hope, chair of Britannia Pension Scheme’s investment and funding committee, said: “We’re pleased to have used the i-FLO platform to sell an illiquid private credit LP interest.”

He said that the platform’s innovative approach and competitive pricing gave the scheme confidence that the i-FLO platform could effectively manage the sale of its illiquid asset.

He continued: “The streamlined process and clear communication provided by the Isio team have been invaluable and this stands the scheme in good stead as the trustee continues to manage the scheme’s assets effectively and deliver security for members’ benefits.”

Ajith Nair, head of asset class and manager research at Isio, added: “It’s exciting to see our first deal formally complete and settle, and we thank Britannia Pension Scheme for their decision to select i-FLO.

“Our strategy of focusing on high-quality buyers to generate value for our clients has proven successful, with Britannia Pension Scheme achieving highly competitive pricing, along with significant fee savings versus the traditional route.”

Nair added that the i-FLO platform pipeline remains busy, with several deals nearing completion.

“We look forward to welcoming other investors to the platform, enabling them to benefit from both the efficiency, attractive pricing, and reduced fees,” he said.

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