GLIL Infrastructure fund has secured a further £1.2bn (€1.4bn) from its Local Government Pension Scheme (LGPS) fund members and from defined contribution pension scheme Nest.
GLIL said the open-ended fund, launched in 2015 to invest in core infrastructure opportunities mainly in the UK, has now raised £3.6bn in total.
The latest fundraising was backed by all of GLIL’s LGPS fund members, including Greater Manchester, Merseyside and West Yorkshire Pension Funds, Lancashire County Pension Fund, Royal County of Berkshire Pension Fund and the London Pensions Fund Authority.
GLIL said UK pension fund NEST also made a capital contribution to the fund without giving details of how much each scheme invested.
In April last year, NEST hired GLIL and CBRE Caledon as part of the pension fund’s plan to invest £3bn in infrastructure over the coming decade.
Ted Frith, COO at GLIL Infrastructure, said: “Pension funds are playing an increasingly important part in UK infrastructure, and their capital is critical to driving further investment in the sector.
“This fundraising, our largest ever, reflects our members’ commitment to the asset class, but also their support for our proposition and investment strategy. Infrastructure provides an attractive risk and return profile for pension funds and connects their pensioners and investors with real value creation and some of the nation’s most exciting projects, from renewable energy to trains and ports to schools and hospitals.”
The fund has so far deployed £2.1bn across 13 assets including stakes in stakes in Anglian Water, Clyde Wind Farm, Iona Capital, Rock Rail, Forth Ports, Semperian, Agility Trains East, Smart Meter Assets, Cubico Sustainable Investments and Flexion Energy.
“With the support of all our members, we’ve already deployed more than £2.1bn during our seven-year track record of investment and we maintain a strong pipeline of new investment opportunities,” Frith said.
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