The ACCESS Pool has backed two infrastructure funds managed by IFM Investors and JP Morgan with £1.5bn (€1.74bn) worth of commitments.
The organisation, which manages £35bn worth of assets on behalf of UK local government pension schemes (LGPS), said it has placed the capital in the IFM Global Infrastructure Fund and the JP Morgan Infrastructure Strategy without disclosing the amount for each vehicle.
The open-ended IFM Global Infrastructure Fund is focused on core-plus and value-add investments in the transportation, social infrastructure, energy, and telecommunications sectors.
The ACCESS Pool said the JP Morgan Infrastructure Strategy is a global mandate focused on core/core-plus investments, with a ”diversified global asset base, split between three main subsectors: regulated utilities, GDP-sensitive assets and contracted power and energy assets”.
Councillor Mark Kemp-Gee, chairman of the ACCESS joint committee, said, “We are delighted to confirm the use of both the IFM and JP Morgan infrastructure funds. Infrastructure is a key asset class for our administering authorities, and this move brings existing relationships and investments under the pool alignment and governance.
“The addition of these infrastructure funds offers ACCESS authorities high-quality managers and diversified investment opportunities.”
David Neal, the CEO of IFM Investors, said, “We’re proud to have the opportunity to partner with ACCESS and look forward to helping them meet their investment objectives and consolidation goals.
“Our focus is on delivering long-term risk-adjusted investment returns which we believe aligns well with what the 11 local pension schemes that participate in ACCESS are looking to achieve for their members.”
Patrick Thomson, the EMEA CEO at JP Morgan Asset Management, said: “This landmark partnership further strengthens our commitment to the LGPS partner funds where we have delivered access to a competitive, global, core, diversified infrastructure strategy for over 15 years.
“The strategy is aligned to many of the values and goals of the LGPS, designed to generate uncorrelated returns, stable income and inflation protection whilst focused on sustainability given the critical role of these infrastructure investments in the energy transition.”
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