Surrey Pension Fund

The Pension Fund Committee, advised by an independent investment advisor — currently Anthony Fletcher — sets the strategic asset allocation and selects managers. Day-to-day investment management for most assets is delegated to Border to Coast Pensions Partnership, the LGPS pooling entity. The Director of Pensions, Neil Mason, oversees the fund's operations and provides strategic leadership.

Surrey Pension Fund is a founding partner in Border to Coast, one of eight LGPS asset pools established in 2018 following UK government reforms. Border to Coast manages the majority of Surrey's assets — including private equity, infrastructure, fixed income, and listed equities — under a regulated FCA-authorised structure. Surrey retains direct control over a smaller property portfolio.

The Border to Coast pool manages the fund's private equity buyout program, infrastructure commitments, fixed income, and public equity mandates. Surrey retains direct ownership of several UK property fund stakes, including residential vehicles like the CBRE UK Affordable Housing Fund, industrial exposure through the Fiera Real Estate Logistics Development Fund, and commercial holdings such as the M&G Secured Property Income Fund.

The private equity allocation, executed through Border to Coast, concentrates on buyout strategies. Border to Coast's private equity program commits to mid-market and large-cap buyout funds across Europe and North America, with a smaller allocation to growth equity and co-investments alongside underlying managers.

Surrey is a signatory to the 2020 UK Stewardship Code and participates in the Local Authority Pension Fund Forum, which coordinates collaborative engagement on environmental, social, and governance issues. The Pension Fund Committee receives regular reporting on climate risk and stewardship activity through the Border to Coast pooled arrangements, which embed ESG integration across all asset classes.

As an LGPS fund, Surrey is a public-sector entity subject to the Freedom of Information Act and administered by an elected local authority. Investment decisions are committee-driven and subject to public scrutiny, unlike private-family-office allocations. The statutory pooling requirement adds a further governance layer — Border to Coast's independent board and FCA regulation sit between Surrey and its underlying investments.

The fund publishes an annual report and accounts with summary asset allocation, manager appointments, and investment performance. Directly held property fund names are disclosed in committee papers and public accounts. Pooled private equity holdings through Border to Coast are reported at the aggregate pool level rather than individually by partner fund.