The London Pensions Fund Authority has completed its first ever private equity co-investment, buying a stake in postal company Secured Mail after shifting its strategy towards direct investments.

The public pension fund has teamed up with Swiss private equity manager Adveq to become minority shareholders in the bulk postal services business whose clients include Amazon, Domino's Pizza and British Gas owner Centrica. Next Wave, the lower mid-market private equity firm which initially bought Secured Mail in 2011, will remain as a majority shareholder.