Hermes GPE has closed its second co-investment vehicle with commitments of $480 million, tapping into high demand for such funds as investors look to cut costs and exercise more control over their investments.

The London-based private markets investor said in a statement on Tuesday that investors in the new fund include the BT Pension Scheme - one of the UK's largest pension funds - which provided cornerstone backing for a first closing in February, State Teachers Retirement System of Ohio and the London Pension Fund Authority. Hermes' first co-investment fund counted BT Pension Scheme as its sole investor.