The London Collective Investment Vehicle (LCIV) has launched its Sustainable Equity Exclusion Fund, seeded with £200 millon from the London Borough of Lambeth Pension Fund.
The new fund sits alongside the existing LCIV Sustainable Equity Fund and offers pool members the opportunity to exclude investments in sectors such as fossil fuels, tobacco and weapons. The launch brings assets managed in LCIV Sustainable Equity strategies to over £580 million.
“Being responsible investors is an imperative for the London CIV and our pool members,” said Kevin Corrigan, Interim chief investment officer at LCIV.
“This fund demonstrates our commitment to finding the right solutions for our investors in this important area,” he added.
The initial investment in the fund will be managed by RBC Global Asset Management.
Pension Chair of the London Borough of Lambeth, Councillor Iain Simpson, said: “[The launch shows] that local government pension funds can change the investment landscape by creating the demand for innovative products that facilitate disinvestment and address climate change.”
“While Lambeth is the first borough to invest with this fund, we hope that many more will follow,” Simpson added.