WPP appoints Russell Investments for private credit solution

The Wales Pension Partnership (WPP), the pool for the eight Wales LGPS funds, has appointed Russell Investments to develop a private credit investment programme following a competitive tender process, run by bfinance and host authority, Carmarthenshire County Council.

Russell Investments was first appointed as investment management solutions provider to WPP in 2018. In managing the private credit solution, Russell will work with its strategic partner Hamilton Lane, the private markets investment management firm.

Russell Investments will construct and manage the private credit portfolio, with a focus on diversification across investment strategies, sectors and geographies over a series of vintages.

The team will make use of closed ended primary investment funds, secondaries and direct investments to enhance the strategic asset allocation. Sustainability will be a key focus in order to meet WPP’s long-term ESG goals.

“Private markets are an increasingly critical part of the strategic asset allocation mix as investors look to access sophisticated strategies and markets to support their long-term return objectives,” said Jim Leggate, head of UK institutional, Middle East & Africa at Russell Investments.

“We are proud to expand our relationship with WPP, which now exceeds £8 billion of assets across equities, fixed income and private markets portfolios,” he continued.