Contents 12


Interview: TfL Pension Scheme Chief investment officer Padmesh Shukla talks to portfolio institutional about alternatives, the dangers of home bias and the LDI crisis.


22 34


ESG interview: Jane Firth The head of responsible investment explains how Border to Coast is embracing real change and why COP is a disappointment.


46 Private equity


How will the asset class fare in a new investment environment?


50 CDC


What will it take to create more appetite for collective defined contribution schemes?


6 News 8 Noticeboard


9 The Big Picture 10 Industry view


33 ESG News 54 The final countdown


Issue 124 June 2023 | portfolio institutional | 5


Geopolitics Political boundaries are being re-drawn and invest- ment strategies may have to change with them.


38 Energy


Is the world ready to survive on cleaner forms of power generation, or will we have to continue relying on coal?


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