London LGPS’s launch infrastructure fund

The London Collective Investment Vehicle (LCIV) has launched a new infrastructure fund which focuses on responsible and sustainable investments.

The LCIV Infrastructure Fund is seeded by six London borough pension schemes and has initial commitments of £399m.

Its initial investment will be into a renewable energy fund, where its funds will be focused on green energy, such as onshore and offshore wind farms. and solar energy. in Europe.

LCIV has partnered with StepStone on the fund, who will support investment selection, portfolio construction and reporting services.

Commenting on its launch, LCIV Investment Team member, Larissa Benbow, said: “We are so excited to be launching this fund with Local London Authorities and StepStone.

“This project has involved working across key stakeholders to develop a solution which seeks to best meet the needs of our clients.

“We hope to provide a diversified infrastructure offering which seeks to incorporate deep research and a keen focus on environmental, social and governance (ESG) issues to ensure it delivers for all investors”.

The government and Pension Minister Guy Opperman have been increasing their focus on sustainable investment from pension schemes, particularly in relation to climate change.

The UK Stewardship Code was recently updated to require schemes to declare whether they have taken ESG factors into account when investing, while Opperman recently accused schemes of “shuffling their feet” over failings to meet new ESG guidelines.

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