ACCESS, the £52bn Local Government Pension Scheme (LGPS) pool managing assets for 11 Shire counties, has appointed Adams Street and HarbourVest to oversee its private equity portfolio. 

This marks a major step in its long-term investment strategy as the pool commits £500m annually to private equity over the next five years. With potential asset growth and increased target allocations from member funds, total commitments could exceed £4bn-£6bn.

The appointment follows ACCESS’ confirmation that it plans to establish an FCA-authorised investment management company, transitioning toward in-house portfolio management. This move aligns with the UK government’s mandate for all LGPS assets to be pooled under FCA-regulated structures by March 2026.

ACCESS, which has historically outsourced investment management, aims to strengthen its internal oversight while cutting external costs. The development signals a significant shift, bringing it in line with other large institutional investors that are subject to heightened regulatory scrutiny due to their systemic importance in the UK financial market.

By bringing private equity investment in-house, ACCESS is positioning itself to optimise returns, reduce fees, and enhance governance. As one of the largest LGPS pools, its strategy will be closely watched by institutional investors navigating similar regulatory and cost-efficiency challenges.