Lincolnshire County Council is seeking to appoint a gatekeeper or private equity fund of funds service to manage a £20m (€32m) investment in private equity funds, as part of its continued commitment to the asset class.

Lincolnshire's investment committee, which advises on investment strategy for the £750m local authority pension fund, first decided to invest in private equity funds last year. It committed to four funds - Standard Life's European strategic fund, and Westport Private Equity's UK technology fund, European fund and US fund - but only £5m of the commitment has been drawn down.