On the go: London CIV, which oversees £12.6bn on behalf of 32 London Local Government Pension Schemes, has launched a renewable infrastructure fund and a private debt strategy.
Six managers have been appointed to manage the funds. The pool launched the two strategies, which had been planned since 2020, on March 31 2021.
The LCIV Renewable Infrastructure Fund will be managed by BlackRock, Foresight Group, Quinbrook Infrastructure Partners and Stonepeak Infrastructure Partners, subject to final due diligence and legal agreement.
Five seed investors have committed an initial £435m into this fund, and the subsequent closes expect to see a further six client funds invest more than £300m.
The fund will have an open-ended structure and will focus on renewable energy infrastructure assets by investing in greenfield and brownfield assets. This will include generation, transmission, distribution and enabling assets.
Churchill Asset Management and Pemberton Asset Management will manage the LCIV Private Debt Fund, following final due diligence and legal agreement.
This strategy has been seeded by three client funds with a total commitment of £290m. A further three pension funds are expected to invest more than £150m by the end of the year.
The fund will remain open to further commitments from London CIV client funds for the next 12 months.
It will have a closed-ended structure and will seek to invest in at least two underlying funds that make loans to European and North American middle market companies, respectively.
Mike O’Donnell, chief executive of the London CIV, commented: “The launches and commitments are a key milestone for London CIV and a reflection of our ongoing collaboration with our client funds through the London CIV seed investment groups.
“London CIV has an ongoing commitment to environmental, social and governance integration and managing climate risks.
“Launching the LCIV Renewable Infrastructure Fund is an important moment in our efforts to invest responsibly and provide long-term and sustainable solutions for our 32 client funds,” he concluded.
The pool will continue to develop and launch products, in partnership with client funds, to augment the current fund offering for the 32 clients.
This article originally appeared on Mandatewire.com
