The Britannia Pension Scheme has completed the sale of a private credit fund exposure using the Isio Fund Liquidity Options (i-FLO) platform.

The scheme is Isio’s first client to complete a transaction on i-FLO, a platform that aims to help investors sell illiquid assets more efficiently.

Britannia Pension Scheme used the platform to sell a £72m investment in a private credit fund on the secondary market.

Isio’s i-FLO was launched amid demand from pension schemes to sell illiquid assets, alongside the challenges of doing so at competitive prices and fee levels, in a timely manner.

The firm stated that pension schemes relying on traditional routes to sell illiquid assets may find the process to be inefficient and expensive, especially in nascent markets such as private credit and infrastructure equity.

Britannia Pension Scheme said it chose Isio following a “thorough evaluation process”, adding that the platform’s “lower fees compared to traditional approaches of selling illiquid assets played an important role” in its decision.

Commenting on the transaction, Britannia Pension Scheme Investment & Funding Committee chair, John Hope, said: “We’re pleased to have used the i-FLO platform to sell an illiquid private credit LP interest.

“The innovative approach and competitive pricing gave us confidence that the i-FLO platform could effectively manage the sale of our illiquid asset.

“The streamlined process and clear communication provided by the Isio team have been invaluable and this stands the scheme in good stead as the trustee continues to manage the scheme’s assets effectively and deliver security for members’ benefits.”

Isio head of asset class and manager research, Ajith Nair, added: “It’s exciting to see our first deal formally complete and settle, and we thank Britannia Pension Scheme for their decision to select i-FLO.

“Our strategy of focusing on high-quality buyers to generate value for our clients has proven successful, with Britannia Pension Scheme achieving highly competitive pricing, along with significant fee savings versus the traditional route.

“The i-FLO platform pipeline remains busy, with several deals nearing completion. We look forward to welcoming other investors to the platform.”

This article was first published on our sister title, Pensions Age.

---