London CIV has made a $150m (€137.5m) investment into an energy transition strategy managed by Macquarie Asset Management.

The asset pooling vehicle for the UK capital’s 32 public pension funds said Macquarie has been appointed as the fifth investment manager within the LCIV Renewable Infrastructure Fund (LRIF).

LRIF’s other investments have been made through BlackRock, Foresight Group, Quinbrook Infrastructure Partners and Stonepeak.

Gillian Evans, a managing director at Macquarie said this marks the first investment by LRIF into a “pure play energy transition strategy, supporting technologies beyond traditional wind and solar generation that will be needed to achieve net-zero targets such as energy storage, hydrogen and renewable fuels, clean transportation, carbon capture utilisation and storage, and the circular economy”.

Dean Bowden, CEO of London CIV said: “As I come to the end of my first full quarter at London CIV, I have repeatedly said that we are here to listen to what our client funds are asking us for and one of the key things they want is for us to appoint outstanding asset managers to manage our growing list of funds.

“Macquarie is one such asset manager so personally I am really pleased to have them on board. We are at the start of a change of journey within London CIV and now we must show we can deliver it.”

London CIV’s backing of Macquarie extends an existing relationship between the two firms beginning in 2019 with the LCIV Infrastructure Fund and an investment into a previous Macquarie-managed strategy. 

London CIV, established in 2015, is one of eight UK local government pension schemes asset-pooling companies. Its clients include the London boroughs and the City of London.

To read the latest edition of the latest IPE Real Assets magazine click here.  

Topics