Sep 2, 2026 · 39 min · 10 segments
In this episode of the LGPS Interviews, we sit down with Max Townshend, Head of Investment Strategy at LPPI, to discuss how the pool has managed its recent expansion from three to nine partner funds…
Max TownshendGuest
Thomas ParkerHost
Nick ReeveHost
Once again, as with the previous issues in this series, interesting to get a bit more colour on how the pooling process and kind of redistribution of funds has affected various stakeholders.
But also, like I said at the start, you have really interesting investment technical points that we touched on.
I've been talking, writing and listening to lots of people talk about surplus positions in the private and public sector, DBA.
over the last few months, how that's affecting, you know, whether it's management of surplus or contribution rates.
One of the most interesting things I thought was he's talking about cash flow matching and risk management on that front.
But I think sometimes... risk management approaches with DB can be a bit kind of blunt instrument is that you get to full funding and now you've got to like going one nil up in a football match, even then got to protect your position and park the bus maybe.
And It is, I think, particularly in the private sector, DB schemes are kind of pushed to that by the, or at least used to be by the funding regime.
You can still kind of go, you know, take a little bit more risk, you know, look at that long-term time horizon, use that, you know, the private markets as well he was talking about.
And I was also very pleased with that analogy that I just made up off the top of my head.
Once again, as with the previous issues in this series, interesting to get a bit more colour on how the pooling process and kind of redistribution of funds has affected various stakeholders.
But also, like I said at the start, you have really interesting investment technical points that we touched on.
I've been talking, writing and listening to lots of people talk about surplus positions in the private and public sector, DBA.
over the last few months, how that's affecting, you know, whether it's management of surplus or contribution rates.
One of the most interesting things I thought was he's talking about cash flow matching and risk management on that front.
But I think sometimes... risk management approaches with DB can be a bit kind of blunt instrument is that you get to full funding and now you've got to like going one nil up in a football match, even then got to protect your position and park the bus maybe.
And It is, I think, particularly in the private sector, DB schemes are kind of pushed to that by the, or at least used to be by the funding regime.
You can still kind of go, you know, take a little bit more risk, you know, look at that long-term time horizon, use that, you know, the private markets as well he was talking about.
And I was also very pleased with that analogy that I just made up off the top of my head.
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