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Local Pensions Partnership launches GBP5bn Global Equity Fund

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The Local Pensions Partnership (LPP) has launched a GBP5bn Global Equity Fund, made up of the pooled holdings of its existing main clients and shareholder funds, the Lancashire County Pension Fund (LCPF) and London Pensions Fund Authority (LPFA).

The fund is the first in a series of asset-class funds to be launched under the LPP’s Authorised Contractual Scheme (ACS) with future funds planned for fixed income, total return and property.
 
More illiquid investments such as private equity, infrastructure and credit are being consolidated under special purpose vehicles over the next six months.
 
The launch coincides with the revision of investment restrictions on 1 November, which inhibited Local Government Pension Scheme (LGPS) funds pooling 100 per cent of their assets in a single collective.
 
Susan Martin (pictured), LPP chief executive, says: “Following our FCA and ACS approval we have been waiting for government to change the LGPS investment regulations. There are now no barriers to physically pooling our assets and launching the fund.
 
“As a not-for-profit pension services organisation we provide investment management, risk and pension administration services to a range of clients. This development is another step in delivering the expected benefits of the collaboration between LPFA and LCPF.”
 
The fund comprises approximately 40 per cent internally managed equities with 60 per cent managed by MFS Investment Management, Robeco and Magellan. 

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