UK pension funds increase infrastructure investment pool
GMPF & LPFA Infrastructure LLP (GLIL), the joint venture between the Greater Manchester Pension Fund and London Pensions Fund Authority, has more than doubled in size to £1.275 billion (US$1.56 billion) after three more funds joined the investment vehicle.
West Yorkshire Pension Fund, Merseyside Pension Fund and Lancashire County Pension Fund have joined the founding investors, expanding GLIL’s assets from the original £500 million (US$613 million).
The funds have previously stated their intention to raise infrastructure allocations to 10% of each pension fund’s portfolio.
GLIL was established to increase GMPF and LPFA funds' exposure to infrastructure, deliver long-term returns that match their liabilities and provide much needed investment in major UK infrastructure projects. The Partnership was formed in April 2015 and seeded with £500 million of commitments from the two pension funds.
GLIL completed its first transaction in October 2015 with a £60 million investment in to the renewable energy sector.
In March 2016, GLIL, along with Greencoat UK Wind PLC (UKW) acquired a total of 49.9% of Clyde, the South Lanarkshire windfarm from energy company, SSE. Under the agreement GLIL invested £150 million.
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