Following a review conducted by consulting firm Mercer, ACCESS, which consists of assets totalling c.£35 billion on behalf of participating pension funds, has confirmed the use of two infrastructure fund vehicles managed by IFM Investors and J.P. Morgan. The addition of these funds marks the second phase of the Private Market offering for the Administering Authorities who make up the ACCESS Pool.
The IFM Global Infrastructure Fund, focused on Core+ / Value Add investments, has been very successful when it comes to acquiring positions in large assets. The fund focusses on transportation, social infrastructure, energy, and telecommunications.
Meanwhile, the J.P. Morgan Infrastructure Strategy is a global mandate focused on Core/Core+ investments, with a well-diversified global asset base, split between three main subsectors: regulated utilities, GDP sensitive assets and contracted power and energy assets.
This move brings c.£1.5 billion of infrastructure funds into ACCESS Pool alignment, while also helping the Pool to diversify investment capabilities in line with long-term objectives.
Cllr Mark Kemp-Gee, Chairman of the ACCESS Joint Committee, said, “We are delighted to confirm the use of both the IFM & JP Morgan infrastructure funds. Infrastructure is a key asset class for our Administering Authorities, and this move brings existing relationships and investments under the Pool alignment and governance. The addition of these infrastructure funds offers ACCESS Authorities high-quality managers and diversified investment opportunities.”
David Neal, Chief Executive, IFM Investors, said, “We’re proud to have the opportunity to partner with ACCESS and look forward to helping them meet their investment objectives and consolidation goals. Our focus is on delivering long-term risk-adjusted investment returns which we believe aligns well with what the 11 local pension schemes that participate in ACCESS are looking to achieve for their members.”
Patrick Thomson, Chief Executive, Europe, Middle East & Africa at J.P. Morgan Asset Management, said, “My team are delighted to partner with the ACCESS Pool for their Core Infrastructure allocation. This landmark partnership further strengthens our commitment to the LGPS partner funds where we have delivered access to a competitive, global, core, diversified infrastructure strategy for over 15 years. The strategy is aligned to many of the values and goals of the LGPS, designed to generate uncorrelated returns, stable income and inflation protection whilst focused on sustainability given the critical role of these infrastructure investments in the energy transition.”