A partnership between the £6 billion ($7.8 billion) Lancashire County Pension Fund and the £4.6 billion ($5.9 billion) London Pensions Fund Authority has launched a new fund to investment in global infrastructure projects.
Launched with committed capital of £688 million ($888.6 million), the fund will bring together the existing infrastructure assets of the two local authority funds, and is expected to have £1.5 billion ($1.9 billion) of committed capital after the final close scheduled for September.
The fund will seek cost-effective, diversified exposure to predominantly U.K., European and North American assets, and will invest through primary infrastructure funds, co-investments and direct ownership.