London CIV has created an open-ended vehicle to invest in renewable infrastructure funds on behalf of UK local authority pension funds.
The LCIV Renewable Infrastructure Fund has been launched with £435m (€500m) of commitments and will invest in a number of funds managed by BlackRock, Foresight Group, Quinbrook Infrastructure Partners and Stonepeak Infrastructure Partners.
London CIV, set up to pool the investments of 32 London local government pension schemes (LGPS), said five pension funds hade made the initial commitment and it expected a further six to commit £300m.
The new fund will look to invest in renewable-energy generation, transmission and distribution, including greenfield and brownfield assets.
It has been launched alongside a new private debt fund, and follows the launch of the LCIV Infrastructure Fund in 2019, and the creation of an inflation-linked real assets fund last year.
Mike O’Donnell, CEO of the London CIV, said the new funds were “a key milestone”.
He said: “London CIV have an ongoing commitment to ESG integration and managing climate risks.
“Launching the LCIV Renewable Infrastructure Fund is an important moment in our efforts to invest responsibly and provide long-term and sustainable solutions for our 32 Client Funds.”
At the end of March 2021, London CIV assets under management including commitments were £12.59bn.
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