Infrastructure platform GLIL, formed in 2015 by the London Pensions Fund Authority and the Greater Manchester Pension Fund, has been relaunched under a regulated structure.
GMPF and the LPFA formed the platform with an initial £500m investment. It was then expanded in 2016 to include West Yorkshire and Merseyside pension funds as part of the Northern Pool investment fund, and Lancashire as part of the Local Pensions Partnership.
The £1.3bn infrastructure platform has implemented around £600m of investments, including greenfield sites, transport upgrades and regulated utilities.
It has been re-launched under a regulated structure, and is now pushing for further growth through a wider range of investment partners.
GLIL is structured as an open-ended alternative investment fund, with the key decisions being made by its investment committee, made up of representatives of the platform’s largest investors.
It is expected that at least one new partner will join this committee, in addition to a series of limited partners making smaller commitments to the fund.
Ian Greenwood, chair of the £46bn Northern Pool, said: “After three years of impressive growth, with a strong infrastructure platform built on the combined resources of our partners, we believe GLIL is now in a position to offer the benefits of this collaborative approach to a wider range of investment partners, including other LGPS pools and funds, while also enabling us to meet the government’s requirements around increased infrastructure investment.”
