Legal & General (L&G) has committed to invest £2bn into UK assets like infrastructure, affordable housing and urban regeneration by 2030 as part of its impact investment plan.
The L&G commitment, which will help deliver 10,000 new social and affordable homes, supports the government’s regional growth goal by using pension fund capital alongside public funding for housing and infrastructure projects. It is also in line with L&G’s support of the Mansion House Accord.
António Simões, group CEO, L&G, said: “As a long-term investor in the UK economy, L&G has a proud history of using pension capital to develop assets that deliver strong financial returns and lasting social impact.
“Our £2bn commitment will help unlock the investment needed in productive assets across the country – creating jobs, strengthening communities, and driving both regional and national growth.”
L&G’s announcement also comes ahead of the inaugural Regional Investment Summit. There, the Sterling 20, a new alliance of twenty major UK pension providers and insurers, will convene with government coordination to fund and promote infrastructure development across the country.
Rachel Reeves, UK chancellor of the exchequer, said: “This is about getting Britain building again – bringing our savings, our investors and our regions together to deliver the homes, infrastructure and industries that will drive growth and create good jobs in every corner of the country.
“Our country’s pension funds are some of the biggest in the world. When they invest in Britain, everyone benefits – from the construction worker on site, to the small business on the high street, to the saver seeing their pension grow. Sterling 20 shows what can be achieved when we all pull in the same direction to build a stronger economy that works for, and rewards, working people.”
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