The Local Government Pension Scheme (LGPS) is expected to join the newly launched Sterling 20 in an expansion of the initiative early next year.
Pensions Expert’s sister title LAPF Investments reported this week that the LGPS would join up with the 20 organisations that were announced as members of the group yesterday at the government’s inaugural Regional Investment Summit in Birmingham.
Senior members of the LGPS, including representatives of the Local Pensions Partnership Investments (LPPI) and LGPS Central pools, attended the event where chancellor Rachel Reeves launched the Sterling 20 initiative.
LGPS Central’s chief executive Richard Law-Deeks said: “As an LGPS asset manager soon to have responsibility for investing around £100bn of assets for our partner funds, we are fully committed to working with government on producing a pipeline of investible opportunities in central England and the wider UK.”
LPPI’s chief executive Chris Rule added: “Bringing together capital and expertise can achieve investment goals beyond any individual investor’s reach.”
The institutional investors involved in Sterling 20 will work with the government and the City of London Corporation to boost regional growth and invest in key sectors such as artificial intelligence, fintech, and renewable energy.
Reeves said yesterday: “Our country’s pension funds are some of the biggest in the world. When they invest in Britain, everyone benefits – from the construction worker on site, to the small business on the high street, to the saver seeing their pension grow.
“Sterling 20 shows what can be achieved when we all pull in the same direction to build a stronger economy that works for, and rewards, working people.”
