West Midlands Pensions Fund, one of the UK’s largest pension plans, made a rare change of manager this week by replacing Gartmore Private Equity, the Hellman & Friedman-backed fund manager, with fund of funds Capital Dynamics, as it expands its asset allocation to alternative investments.

The pension fund has selected Capital Dynamics for a $150m (€117m) mandate to make investments into buyout funds across the Asia-Pacific region.