The GLIL infrastructure fund, which was formed in February 2015 with a £500m initial investment from GMPF and LPFA, will now have nearly £1.3bn available following the decision of the West Yorkshire, Merseyside and Lancashire funds, which plan to make up the Northern Pool.
This is one of eight pools that have been proposed to meet the government’s target to merge the assets of 89 LGPS funds in England and Wales in British Wealth Funds.
The fund is intended to increase LGPS investment in UK infrastructure. Its first investments were in renewable energy projects, including £9m in the Leeming Biogas plant in Yorkshire, and £150m in a 49.9% shareholding in Clyde, a South Lanarkshire windfarm from energy company SSE.
