The Local Pensions Partnership (LPP) has launched a new Global Infrastructure Fund which is expected to have total committed capital in excess of GBP1.5 billion following its final close in September 2017.
The Fund, which has launched with committed capital of GBP688 million, brings together the infrastructure assets of LPP’s two shareholder pension schemes, the Lancashire County Pension Fund (LCPF) and the London Pensions Fund Authority (LPFA), under the management of Local Pensions Partnership Investments Ltd (LPP I), the FCA-authorised Alternative Investment Fund Manager (AIFM) of LPP.
The Fund will seek to gain cost-effective, diversified exposure to global infrastructure assets, predominantly in the UK, Europe and North America. It will invest via primary infrastructure funds, co-investments and direct ownership in infrastructure assets.
The Fund is an open-ended investment fund open to eligible investors who are UK Local Government Pension Schemes or other tax exempt corporate or public pension schemes.
Susan Martin (pictured), LPP Chief Executive, says: “Infrastructure is a core investment focus for LPP. This new Fund capitalises on our extensive knowledge and experience in what is a highly illiquid asset class. In pooling the infrastructure allocations of our shareholder pension schemes, the Fund will also be an attractive vehicle for other investors looking to build their exposure to cost-efficient, diversified infrastructure assets.”