“Alternative Investments” are investments made in private credit (loans to individual companies), private equity (investments in areas like venture capital and management buyouts) and infrastructure (investments in areas like energy generation and transport). We invest in assets like this through funds which have a fixed life, and which gradually draw the cash down as the money is invested in specific projects. The cash is returned as dividends are received or as the projects are sold on. For this reason, the level of investment that we have agreed to make (the commitment) rather than the amount invested at any point in time is important and below you can see details of the commitments we have made to individual alternative funds at different times.