On the go: The £36bn Border to Coast Pensions Partnership, which handles the assets of 11 Local Government Pension Scheme funds worth a collective £55bn, has launched the second series of its private markets programme, which includes a dedicated climate opportunities offering.
The programme (Series 2) has been launched with £4bn of commitments from 10 partner funds, bringing total commitments in the programme to £10bn.
Mark Lyon, head of internal management at BCPP, said: “We have worked closely with our partner funds to design and launch innovative investments that enable them to deliver their long-term investment strategies.
“Our private markets programme is highly valued by our partner funds and is a key part of our offering."
Series 1 contained three one-year tranches including 1A (£1.2bn), 1B (£1.8bn) and 1C (£2.7bn).
The first tranche of the Series 2 commitments will be invested over the next year in infrastructure (£1.03bn), private equity (£705mn), and private credit (£985mn).
It also includes a £1.4bn climate opportunities offering, which will be invested over a three-year period and will target investments that have a material positive impact on climate change and support long-term net zero carbon emission goals.
Investments will include private equity, infrastructure and private credit in the following sectors: clean energy, technology, transport, industry, agriculture and carbon sequestration.
"The addition of a climate opportunities offering continues to meet the need for enhanced long-term returns while helping drive the essential transition to a low-carbon economy and supporting efforts to combat climate change," Lyon added.
In September 2021, BCPP announced its commitment to achieving net zero greenhouse gas emissions across its investment portfolios by 2050 or sooner. This commitment included creating and evolving investment propositions aligned with net zero emissions by 2050 and facilitating increased investment in climate transition solutions.
"The climate opportunities offering forms one part of our long-term plan to achieve this goal,” the pension pool stated.
Partner funds participating in Series 2 are the £2.7bn Bedfordshire Pension Fund, the £3.3bn Cumbria Council Pension Fund, the circa £2.8bn Durham County Council Superannuation Fund, the circa £4.8bn East Riding of Yorkshire Pension Fund, the £4.9bn North Yorkshire Pension Fund, the £5.3bn Surrey Pension Fund, the £10.8bn South Yorkshire Pension Fund, the £4.9bn Middlesbrough Borough Council Teesside Pension Fund, the £12bn Tyne and Wear Pension Fund and the £2.7bn Warwickshire County Council Pension Fund.
This article originally appeared on MandateWire.com
