LPs

Secondaries exec to head private markets at £35bn pension

London CIV, formed through the pooling of 32 London Local Authority Pension Funds, is set to launch a series of private market investment funds.

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A secondaries professional has been charged with building out private market capabilities at one of the UK’s pension super-pools.

London CIV, which has £35 billion ($46 billion; €39 billion) in assets under management, has appointed Vanessa Shia as head of private markets, according to a statement. She will be responsible for “delivering various fund launches in private markets” and working with advisors to develop the portfolio.

“I look forward to working with the team to deliver fund launches in the private market space and additionally, working alongside [head of responsible investing] Jacqueline Jackson to develop our overall ESG framework and integrating it into our investment selection process,” Shia said in the statement.

Shia joins from alternatives investor Pennant Capital Partners, where she was a principal responsible for originating and executing GP-led restructurings, single-asset deals and LP portfolio sales in private equity and private credit, according to her LinkedIn profile.

Prior to that she was EMEA head of hedge fund secondaries at DWS where she focused on the opportunistic acquisition of single-name LP interests and mature portfolios.

London CIV did not respond to a question about which funds she would be helping to launch and whether they would invest on a secondaries basis.

Formed in 2015, London CIV represents the pooled interest of 32 London Local Authority Pension Funds. It is one of eight pension super-pools UK-wide, formed with the aim of bringing down costs and opening up investment opportunities associated with greater scale.

London CIV invests through a series of authorised contractual schemes, vehicles that give investors the same tax treatment as if they had invested directly in the underlying assets. The pension operates tax transparent funds that invest in public equities, bonds and infrastructure though not yet in private equity or private credit.

Formed in October last year, its infrastructure vehicle makes primary-, secondaries-, co-investments and minority direct investments, according to the pension’s website.