Local Pensions Partnership, London Collective Investment Vehicle and London Pensions Fund Authority, all based in London, plan to jointly invest hundreds of millions of pounds in 2020, a spokesman for LPP confirmed.
The three pools of U.K. local government pension schemes, which have a combined £57 billion ($74.5 billion) in assets, created The London Fund to invest with a sustainable approach in London residential property, build-to-rent and affordable housing, community regeneration projects and infrastructure.
"The London Fund is expected to benefit from increased scale, a spokesman for The London Fund said in a news release. "This allows us broader access to resources and a much wider investment pipeline than would be available to any of the individual organizations acting alone. We are delighted to be able to develop a project that will provide attractive returns for our members while helping us support communities in London."