TPT Investment Management has launched a new private credit fund, seeded with capital from the TPT’s defined benefit (DB) master trust, provided by TPT Retirement Solutions.
The fund has £650m (€772m) in assets invested in a broad spectrum of private investment opportunities across the credit market and contains a diverse range of risk premia not readily available to smaller schemes.
This is the largest fund launch so far for TPT IM and the third in the series of seven planned launches.
The firm launched the previous two funds with combined assets of over £800m in conjunction with Carne Global Fund Managers in June this year. The previous funds sought to provide pension schemes with access to real assets and secure income investment opportunities.
The collective investment vehicles will enable pension schemes joining TPT to immediately achieve scale benefits across asset classes by aggregating with the assets in the master trusts. In this way, TPT IM will build on the successful model of scheme consolidation to the benefit of corporate pension schemes.
TPT said the access to the funds is available through its fiduciary management service DB Connect, which allows third-party trustees to benefit from TPT’s pensions and investment expertise while retaining trusteeship of their scheme.
Simon Moss, portfolio manager for the private credit fund at TPT IM, said: “Our latest in the series of new fund launches will continue to broaden our schemes’ access to a diversified range of assets.”
He added that the fund will allow schemes to benefit from asset pooling and investment types that would not necessarily be available to smaller, stand-alone schemes.
“The experience of our investment team and alignment of interests with our ownership will allow us to continue to pass these benefits onto other trustees and schemes,” he said.
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