UK – The UK infrastructure fund jointly developed by the Pension Protection Fund (PPF) and National Association of Pension Funds (NAPF) has launched the first stage of its search for an investment manager.

The Pensions Infrastructure Platform (PIP) – which in February announced the London Pensions Fund Authority and the pension scheme for Lloyds TSB as its final two founding investors – said it would welcome expressions of interest (EOI) ( from managers by 13 May.

In a statement, the limited company running the tender said relevant documentation would be sent to applicants after the 13 May deadline, and all managers would then be granted until the end of May to develop and submit their proposals – with PIP considering one of three potential management approaches.

The infrastructure fund said it would consider either outsourcing all necessary management to an established third party, build the required expertise internally or opt for a hybrid approach, blending both options.

The PIP added that, following the initial EOI, it would draw up a shortlist of candidates with which to undertake a formal request for proposal.

Joanne Segars, chief executive at the NAPF, said the selection process marked an "important next step" in the infrastructure vehicle's development.

"Founding investors will be seeking an investment manager, or managers, with a strong track record, expertise, the ability to innovate and generate appropriate investment opportunities, and an alignment with the interests of pension funds as long-term investors," she said.

Segars added that "excellent" progress was still being made, but did not specify a launch date for the undertaking beyond saying it would occur later in the year.

The PIP has so far attracted commitments of £1bn (€1.1bn) from its 10 founding investors, which will fund their commitments once the vehicle is established "on satisfactory terms", the statement added.

The vehicle, established after a memorandum of understanding was signed by the UK's Treasury, the PPF and NAPF in late 2011 has so far also not revealed details of its investment approach, or whether it will take on construction risk.