Wiltshire to allocate 2% of assets to local investment
Author: LAPF Investments | Published: June 12, 2026
Wiltshire Pension Fund’s committee has approved a two percent asset allocation to go into local investment.
It follows the fund’s triennial review of its Strategic Asset Allocation. While this local investment is expected to be deployed across the wider geography of the LGPS Central pool – helping to manage deployment concentration risks – a proportion must deliver direct, identifiable benefits to Wiltshire.
The mandate is intended to support investments that generate positive economic, environmental, or social impact, with eligible opportunities expected across a broad range of private market asset classes, including private equity, private debt, infrastructure, affordable housing, property, and natural capital.
The news comes as part of the Wiltshire Pension Fund’s 2025/26 stewardship report, in line with the principles of the Stewardship Code 2026 – which the fund has been a signatory of since 2022.
Jennifer Devine, head of the Wiltshire Pension Fund, said: “We’re proud to be a signatory to the UK Stewardship Code because it shows a strong commitment to looking after members’ money responsibly.
“It means the Fund doesn’t just aim for good investment returns, but also carefully considers risks, sustainability and how companies are run. Being part of the Code also means being open and accountable about decisions, giving members confidence that their pensions are being managed to high standards now and for the future.”
The report also highlighted how the fund voted on more than 18,000 matters at more than 1,300 meetings.
This included a vote coming as part of its position as a shareholder at Costco.
Coming off the back of Donald Trump’s banning of DEI initiatives in the federal government, conservative think tank the National Center for Public Policy Research – at the retailer’s AGM – proposed a report on the risks of Costco’s DEI initiatives.
It argued that “DEI is illegal, immoral and detrimental to shareholder value” and “poses litigation risks to the company”, suggesting the business wasn’t hiring on merit alone and therefore wasn’t always “hiring or promoting the best person for the job”.
The proposal from the think tank was overwhelmingly rejected, with more than 98% of votes – including from the Wiltshire Pension Fund – being against the proposal.
Costco’s recommendation for shareholders was to vote against the proposal. This was based on two factors: first, that the proposed report wouldn’t represent good value for shareholders; and second, that the proposal appeared to misinterpret Costco’s DEI policies and their implementation.
