London Borough of Camden Pension Fund invested £432 million ($594 million) in the LCIV Global Alpha Growth Paris Aligned Fund, managed by Baillie Gifford & Co.
The fund's pension committee voted on July 28 to move assets previously invested in the LCIV Global Alpha Growth Fund to the newly created fund in order to more closely align the pension fund with its enviromental, social and governance investor belief statement, established in November 2019, according to a July 29 news release.
The LCIV Global Alpha Growth Paris Aligned Fund "has a 43% lower carbon footprint than the current mandate and aims to decarbonize by 7% per annum. This is in-line with the intergovernmental panel on climate change's 1.5 degree (Celsius) warming scenario," said Rishi Madlani, chairman of the pension committee, in the news release.
The pension fund had £1.7 billion in assets as of March 31, 2019, according to its most recent available actuarial valuation.
Officials at the pension fund could not be immediately reached for further information.
