LifeSight, the defined contribution (DC) master trust of consultant WTW, has made an initial £450m (€521.4m) commitment to Schroders Greencoat’s renewables long-term asset fund (LTAF).
LifeSight, via its core default funds, has backed the Schroders Greencoat Global Renewables+ LTAF, a fund that targets wind, solar, hydrogen, heating and storage assets across Europe, the US and other OECD countries.
Andrew Doyle, lead investment adviser for LifeSight, said: “We are delighted to make this investment on behalf of our members. Our scale as one of the largest master trusts in the UK means we are able to access specialist managers and innovative investments that enhance the portfolios of our members in our core defaults.
“This strategic investment underscores LifeSight’s commitment to sustainable and responsible investing, aligning with global efforts to transition to renewable energy sources, with the aim of delivering strong pension outcomes for members. It also supports our efforts to invest in UK private markets, which is aligned with the recent Mansion House Accord.”
In May, LifeSight, which manages £24bn in assets, signed the Mansion House Accord to express its intent to invest 10% of its growth assets in unlisted private markets.
Tatiana Zervos, portfolio manager for Schroders Greencoat, said: “LifeSight’s investment into Schroders Greencoat Global Renewables+ LTAF marks a significant step forward in the DC market’s efforts to support the transformation of the energy system in the UK and beyond.
“Schroders Greencoat is dedicated to investing in this critical asset class; these assets not only offer attractive and diversifying returns relative to investments traditionally offered to DC members, but also provide transparent and tangible sustainability benefits, offering DC members the opportunity to play their part in abating carbon emissions, contribute to energy security and help control the costs paid by consumers.”
Torsten Bell, minister for pensions, said: “This is a welcome step to invest more in infrastructure, especially energy infrastructure projects, since the signing of the Mansion House Accord in May.
“Working together, government and industry will deliver the investment our future prosperity depends on, supporting better outcomes for savers and faster growth for Britain.”
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