The Greater Manchester Pension Fund (GMPF) and the London Pensions Fund Authority (LPFA) today announced the joint allocation of up to £500m to invest in infrastructure opportunities. The agreement is a significant step for both GMPF and LPFA. It allows the funds to increase their investment in infrastructure, deliver long-term returns that match their liabilities and provide much needed investment in major UK infrastructure projects.

The Lancashire and London Pensions Partnership has received regulatory approval from the Financial Conduct Authority (FCA) to commence operations under its new name, the Local Pensions Partnership (LPP). The FCA accreditation will allow the Lancashire County Pension Fund and London Pensions Fund Authority to pool their assets in order to officially form the LPP. The new name reflects the LPP’s readiness to partner with other LGPS funds, with a number of whom discussions are ongoing.

The Local Pensions Partnership (LPP) has launched a £5bn Global Equity Fund, made up of the pooled holdings of its existing main clients and shareholder funds; the Lancashire County Pension Fund (LCPF) and London Pensions Fund Authority (LPFA). The Global Equity Fund is the first in a series of asset-class funds to be launched under the LPP’s Authorised Contractual Scheme (ACS) with future funds planned for fixed income, total return and property. More illiquid investments such as private equity, infrastructure and credit are being consolidated under special purpose vehicles over the next six months.

The Local Pensions Partnership (LPP) has successfully launched its new Private Equity (PE) structure, coinciding with LPP's first full year of operation, having received its FCA accreditation in April 2016. The new structure brings the £1.8 billion PE assets of its two shareholder funds, the London Pensions Fund Authority and Lancashire County Pension Fund under the management of LPP Investments (LPPI), a fully-owned subsidiary of LPP. It also sets up LPPI to act as a full-fledged, FCA-authorised investment manager that can now be appointed directly by other funds to manage private equity investments.

The Local Pensions Partnership (LPP) has launched a new Global Infrastructure Fund. This Fund will bring 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 Local Pensions Partnership (LPP) has launched LPP Credit Investments LPPI Credit Investments LP (the Credit Fund), offering investors cost-effective exposure to diverse sources of return linked to global credit markets and credit instruments. The £1.3 billion Credit Fund comprises credit investments of LPP’s two shareholder pension schemes, the Lancashire County Pension Fund (LCPF) and the London Pensions Fund Authority (LPFA), managed by Local Pensions Partnership Investments Ltd (LPPI), the FCA-authorised Alternative Investment Manager (AIFM) of LPP.

Local Pensions Partnership has launched the LPPI Fixed Income Fund, its inaugural fund dedicated to investing in Fixed Income as an asset class. The Fund aims to deliver optimal long-term risk-adjusted returns, capitalising on opportunities in the global fixed income market, with a strong focus on capital preservation. It will invest predominately in higher credit quality, highly liquid fixed income instruments across geographies, instrument types and maturities. The Fund is aimed at capturing and enhancing risk-adjusted returns, irrespective of market conditions.

The Local Pensions Partnership (LPP) and Royal Borough of Windsor & Maidenhead today announced that they have entered into a memorandum of understanding for the Berkshire Pension Fund to join LPP. The memorandum of understanding confirms a commitment by both parties to pool pension assets from Berkshire with those already managed by LPP. In addition, the partnership will also manage Berkshire’s pension administration, liability management and employer risk services. Work is now underway in the preparation of a proposal and full business case to be approved in which the Berkshire Pension Fund will delegate responsibilities to LPP to manage its assets from 1st April 2018.

The £1.275 billion GLIL Infrastructure platform (GLIL) is looking to bring the benefits of its leading infrastructure capabilities to a wider range of investment partners, following strong growth in the three years since its launch. The platform has also been re-launched under a regulated structure. GLIL’s successful track record is based around a collaborative partnership between like-minded institutions in the local government pensions sector, with a common interest in increasing exposure to UK infrastructure and delivering long-term liability matching returns.

The £1.275 billion GLIL Infrastructure Fund (GLIL) today announces it has invested £106 million into Semperian PPP Investment Partners Holdings Limited (Semperian), the social infrastructure company, acquiring a minority shareholding. The investment gives GLIL’s investors access to Semperian’s large and diversified portfolio of mature, operating infrastructure assets within the social infrastructure sector. These are predominantly located within the UK, with government backed and inflation linked cash flow streams. Semperian has investments in 92 assets, comprising of 2.8 million square metres of accommodation, 15,000 hospital beds, 1,600 car parking spaces, 163 schools and 508km of road.

Local Pensions Partnership has launched the LPPI Diversifying Strategies Fund, which seeks to generate a diversifying source of return distinct from global equity and bond markets. The £750 million Diversifying Strategies Fund looks to exploit a broad range of relative value and macro directional opportunities in global capital markets. The investment mandate seeks investments in a variety of alternative strategies where the drivers of return are not primarily dependent on market factors.

Local Pensions Partnership will next month reach its third full year as a LGPS service provider, managing assets of around £17bn and providing pension administration services to over 590,000 members.

Local Pensions Partnership Investments Ltd (LPPI) has set up the LPPI Real Estate Fund to pool the property assets of three public sector pension schemes that it manages.

Cubico Sustainable Investments (Cubico), a leader and global investor in renewable energy, has announced the sale of a substantial minority stake in its UK operational wind and solar portfolio to GLIL Infrastructure LLP (GLIL), the £1.8bn infrastructure fund backed by Northern LGPS and Local Pensions Partnership.

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Climate change is recognised as the most significant global risk facing communities and investors. For our beneficiaries, it threatens their livelihoods, their retirement savings, their health, their quality of life.

The agreement with Nest takes GLIL’s total capital to around £2.5 billion. It also follows a further £500 million capital commitment from the fund’s existing local government pension fund members.

Local Pensions Partnership Investments, London CIV and The LPFA announce that The London Fund secured a further £50 million investment from the LPFA bringing total investment capital to £150m

GLIL Infrastructure bolstered its credentials with the appointment of an infrastructure and renewable investment specialist to its investment committee. Dr Patricia Rodrigues Jenner joined as an independent member of the committee which is responsible for approving GLIL’s investments.

The global investor statement was coordinated by the seven founding partners of The Investor Agenda and is signed by 457 investors representing over USD $41 trillion in assets

Investment management suffers from a severe lack of diversity. The Diversity Charter offers businesses a toolkit to analyse how asset managers are performing on diversity and inclusion – and where they can improve.

Committed assets now total £195m

Local Pensions Partnership Investments has bolstered its board of directors with the appointments of Margaret Ammon and Malcolm Cooper as Non-Executive Directors.

Pooling can deliver real benefits of scale to the LGPS – including better long-term performance after fees, improved control over investments, an enhanced approach to responsible investment, and reduced costs.

"What's special about this innovation is it's a great initiative for pooling the assets of pension fund asset managers to create scale to invest to support London's population growth."

Chris Rule, CEO: “Net zero by 2050 is an ambitious goal – not least as we all seek better data. We believe it is most likely to be achieved if we collaborate, including with our clients, peers and suppliers."

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