Pensions Infrastructure Platform, an organization designed to give pension funds greater access to infrastructure projects in the U.K., is currently recruiting to build its in-house investment team, said Mike Weston, CEO of PIP.
Mr. Weston said at a briefing in London on Tuesday, he is currently recruiting an investment director with direct deal expertise, a head of risk, and analytical support for the whole team.
PIP still needs authorization from the Financial Conduct Authority to allow the firm to help pension funds access direct infrastructure investment, and legally manage pension fund assets.
“(FCA authorization) is what we really need to move PIP on,” Mr. Weston said. It also requires authorization under the Alternative Investment Fund Managers directive. “We are on track to create this investment organization that we talk about. There is a lot more to come in terms of what PIP is doing.”
Mr. Weston said a PIP multistrategy infrastructure fund is being developed and will be ready for launch when PIP gets FCA authorization.
Mr. Weston also said one area of concern for pension funds is the risk of changes to rules that might affect infrastructure investment. “There is a degree more political uncertainty at the moment (than a year ago, given the May general election). There will inevitably be changes over the (long term). The key is the security of the contracts that we enter into at the initiation of investments.”
