The members of the UK’s largest public sector pension asset pool have established a collective private equity investment vehicle, according to one of the funds.

The Northern Private Equity Pool (NPEP) will make commitments of around £720m (€805m) in 2018 and 2019, according to the £8.6bn Merseyside Pension Fund. Merseyside, Greater Manchester Pension Fund and West Yorkshire Pension Fund have formed the Northern Pool in line with the UK government’s policy for the Local Government Pension Scheme (LGPS).