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Northern pension funds join infrastructure venture

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The West Yorkshire, Merseyside and Lancashire council pension funds have joined the infrastructure investment vehicle set up by the London Pension Fund Authority and the Greater Manchester fund.

The Greater Manchester and LPFA joint venture, known as GLIL, pooled £500m from its two founding members when set up in January 2015.

This latest move will increase the total assets in the vehicle to £1.275bn.

The government has instructured all LGPS funds to join investment pools of around £25bn and invest the great majority of their funds through these, as well as to increase their allocations to infrastructure. It is meeting with pension pools this month to give final approval of the plans, which must be implemented by April 2018.

Separately to the infrastructure venture, West Yorkshire, Merseyside and Greater Manchester constitute the northern pension pool.

Lancashire and the LPFA have also formed a pension pool known as the Local Pensions Partnership, and expect the Berkshire fund to join in future.

The Local Pensions Partnership and the northern pool included plans to collaborate on infrastructure as part of their proposals to form pools, submitted to the Department for Communities & Local Government earlier this year.

The Local Pensions Partnership has also bid to run all of the Local Government Pension Scheme funds’ infrastructure investments via this vehicle, as an alternative to each investment pool creating its own infrastructure solution.

The GLIL has already invested £45m in train fleets, £60m in green energy assets, and £150m in a wind farm.



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