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Scottish Enterprise Pension & Life Assurance Scheme (SEPLAS)
SEPLAS, chaired by Alistair Gray, is the pension fund for Scottish Enterprise — holding a UK pooled property portfolio and gilt-and-bond book from Glasgow.
Scottish Enterprise Pension & Life Assurance Scheme (SEPLAS)
SEPLAS serves as the pension fund for Scottish Enterprise, the non-departmental public body responsible for economic development across Scotland. The scheme is governed by a trustee board chaired independently by Alistair Gray, with legal oversight provided by trustees including Catherine Mary Corr, principal solicitor at Scottish Enterprise. Its obligations stem from the public-sector workforce of the sponsoring employer, anchoring the fund within the Scottish Government's broader fiscal ecosystem. Investment strategy centers on two primary buckets. The first is a pooled property fund portfolio comprising mixed-use commercial real estate within the United Kingdom — a direct-play allocation to domestic physical assets. The second is a gilt and bond portfolio, emphasizing sterling-denominated sovereign and high-grade corporate fixed income. This dual-structure approach points to a liability-hedging focus typical of smaller public pension schemes in the UK, where the priority is matching long-term benefit outflows rather than chasing absolute return. No alternative-asset programs or direct venture positions have been publicly disclosed. The fund operates from offices in Glasgow, with no known additional locations. Team size and total scheme assets remain undisclosed in any public filing or regulatory disclosure. The governance structure — trustees drawn from Scottish Enterprise and an independent chair — mirrors the statutory model set out under UK pensions law for non-departmental public-body schemes, with ultimate accountability flowing to the Scottish Government. Adjacent vehicles, foundations, or co-investment clubs have not been identified. SEPLAS differs from many UK local-government pension schemes in its deliberately narrow mandate. Rather than pursuing diversified growth through infrastructure, private equity, or timberland — allocations now common among larger LGPS funds — SEPLAS remains concentrated in domestic property and fixed income. This conservative construction reflects its smaller scale and the direct oversight of a sponsoring employer whose mission is economic development, not financial intermediation.
General information
Firm type
Pension Fund
Year founded
—
AUM
Undisclosed
Location
Region
Europe
Country
United Kingdom
City
Glasgow
Corporate office
Glasgow, United Kingdom
Principals
Alistair Gray
Independent Chair of the Trustees
Catherine Mary Corr
Trustee and Principal Solicitor at Scottish Enterprise
Sector focus
Frequently asked questions
Who runs investment decisions at SEPLAS?
A trustee board chaired by Alistair Gray oversees investment strategy. The board includes trustees drawn from Scottish Enterprise, such as principal solicitor Catherine Mary Corr. External investment consultants are typically retained by UK public-sector schemes of this type, though specific mandates have not been publicly disclosed. Ultimate governance authority rests with the trustee board under UK pensions legislation.
How is SEPLAS related to the Scottish Government?
SEPLAS is the pension scheme for Scottish Enterprise, a non-departmental public body that reports to the Scottish Government. The scheme itself is governed by an independent trustee board, but its sponsoring employer sits within the Scottish public-sector framework. This means the fund operates under Scottish public pension regulations rather than as a standalone private trust.
What asset classes does SEPLAS invest in?
Publicly disclosed allocations are limited to two categories: a pooled property fund portfolio of UK mixed-use commercial real estate, and a gilt and bond portfolio dominated by sterling-denominated sovereign and corporate debt. There is no evidence of allocations to private equity, venture capital, infrastructure, or hedge funds. This suggests a liability-driven investment strategy focused on cash-flow matching.
Does SEPLAS participate in direct real estate deals or only through pooled funds?
The fund's property exposure is held through a pooled fund structure, not direct property ownership. Pooled funds are common among smaller UK pension schemes because they provide diversified exposure without requiring in-house asset management capabilities. The underlying assets are mixed-use commercial properties located in the United Kingdom.
Is SEPLAS structured as a segregated pension fund or part of a larger multi-employer arrangement?
SEPLAS operates as a single-employer defined-benefit scheme for Scottish Enterprise staff. It is not part of the Local Government Pension Scheme (LGPS) and does not pool assets with other Scottish public bodies. This standalone structure gives the trustee board full discretion over investment policy within the bounds of Scottish public pension regulation.
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