Cornwall County Council Pension Fund is to enter the private equity investment market with a 5% allocation equal to £30m (€44m) of its total £600m of assets. It will also switch 20%, or around £120m, to UK active equity.

The fund has decided to re-allocate its current 27% invested in UK passive funds following an investment review and has appointed Hymans Robertson, an investment consultant and the council's existing adviser, to shortlist UK active equity providers. Cornwall plans to switch managers this summer.