Brunel delivers portfolio focusing on affordable housing and renewables

Cornwall Pension Fund has launched its new Cornwall Local Impact portfolio to channel LGPS investment into affordable private rental housing and renewables within the county.

Cornwall Pension Fund commissioned Brunel to design, implement and monitor a portfolio that follows local impact investment across both social and environmental priorities.

“We have worked closely with Brunel to ensure that pooling delivers not just scale advantages – but local impact, too,” said councillor Jayne Kirkham, chair, Cornwall Pension Fund Pensions Committee.

“The new Cornwall Local Impact portfolio, as part of our social impact allocation, enables us to combine our fiduciary responsibilities to our members with delivering positive social and environmental outcomes in our county, where our members have worked and lived. More than that, we hope it provides a framework for others to follow.”

There are three mandates that make up the portfolio. The first will invest in affordable private rental housing in Cornwall and accounts for more than half (55%) of the portfolio to begin with. It will be managed by PGIM Real Estate as a co-investment vehicle alongside its UK Affordable Housing Fund that has been selected by Brunel for client UK property portfolios.