Border to Coast Pensions Partnership has committed a further £1bn across infrastructure, private equity and private credit as part of its £18bn private markets programme.

The Local Government Pension Scheme (LGPS) pool said the third series of the programme (Series 3A), launched in April 2025, attracted £2.5bn in commitments from partner funds, with more than £1bn of that capital now deployed by its in-house private markets team.

Investments to date include £515m in infrastructure, £500m in private equity and £58m in private credit.

Border to Coast claimed the programme has enabled partner funds to access a broader range of long-term private market opportunities while delivering average cost savings of 28 per cent through scale and pooling.

It also highlighted the growing role of co-investments within Series 3A, which it suggested have helped to unlock improved risk-adjusted returns and diversification opportunities that were often unavailable to individual LGPS funds before pooling.

These include a co-investment alongside KKR Diversified Core Infrastructure Fund in a joint venture with American Electric Power, as well as a partnership with Meridiam on a North American road project.

Commenting after the latest investment, Border to Coast, chief investment officer, Joe McDonnell, said the private markets programme is a "real-time demonstration" of the value gained through scale, and maximising that scale through an expert in-house investment team.

"It expands access to an innovative range of investment and co-investment opportunities around the world while dramatically reducing costs for partner funds," he continued, adding that he was "incredibly proud" of the progress it has made to date.

The most recent commitments will support a wide range of sectors, including digital and social infrastructure, major transport projects, and assets linked to energy security, generation and distribution.

The programme has also increased exposure to Asia-Pacific growth assets across transport, digital and logistics, while providing growth capital through private equity and private credit strategies.

Border to Coast noted that the commitments made under Series 3A sit alongside allocations to its specialist UK Opportunities, Climate Opportunities and global real estate strategies, which operate as separate sleeves within the broader private markets programme.

Recent infrastructure commitments under Series 3A include allocations to funds focused on European, North American and Asia-Pacific assets, as well as co-investments in electricity transmission and US transport infrastructure.

Private equity commitments have targeted global buyout, co-investment, and secondary strategies, while private credit allocations have focused on senior secured direct lending to mid-to-large-cap European businesses.

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