The London CIV, the Collective Investment Vehicle for London local authorities pension funds, has announced the launch of the LCIV Infrastructure Fund. The fund has been seeded by six of its London borough pension funds, with initial commitments of £399 million.
The fund’s initial investment will be to a renewable energy fund – investments will be in renewable technologies such as onshore and offshore wind and solar across core geographies with a focus on Europe. London CIV is partnering with StepStone, which will support investment selection, portfolio construction and reporting services.
Larissa Benbow, from the LCIV investment team, said: “This project has involved working across key stakeholders to develop a solution which seeks to best meet the needs of our clients.” She expects the fund will provide a diversified infrastructure offering that seeks to incorporate deep research and a keen focus on environmental, social and governance issues to ensure it delivers for all investors.
The infrastructure fund is the 14th fund to be launched by London CIV. The pooling vehicle will continue to develop and launch products to augment its current fund offering and to introduce alternate asset classes to its platform.