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3 pension funds join U.K. infrastructure joint venture

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The £11.2 billion ($14.1 billion) West Yorkshire Pension Fund, Bradford; £6.85 billion Merseyside Pension Fund, Liverpool; and £6 billion Lancashire County Pension Fund, Preston, have joined the project, said a news release from GLIL.

GLIL was launched in April 2015 as a joint venture between the £4.6 billion London Pensions Fund Authority and the £17.3 billion Greater Manchester Pension Fund. It was seeded with £500 million of commitments.

The West Yorkshire and Merseyside pension funds had already stated their intention to join the U.K.-focused infrastructure investment project.

Separately, a report from the director of the West Yorkshire Pension Fund to a meeting of the local pension board, held Nov. 9, said WYPF and Merseyside “have approved a commitment in principle to committing £250 million each” to GLIL.

The GLIL news release said the joint venture has committed assets of £1.28 billion.

A spokesman for the Local Pensions Partnership, an asset and liability partnership made up of the London Pensions Fund Authority and Lancashire County Pension Fund, declined to comment on the value of assets committed by each pension fund to GLIL. Spokesmen for the administering authorities of the three pension funds did not respond to requests for comment by press time.

The new commitments allow GLIL access to a greater pool of financial commitments and investment expertise from its five contributing pension funds, the news release said.