Border to Coast Pensions Partnership, Leeds, England, committed more than £500 million ($700 million) to five infrastructure funds and an infrastructure project, confirmed a spokesman for the pool of U.K. local authority pension funds.
The new infrastructure commitments are part of the pool's £3 billion private markets program. The pool's member funds have about £46 billion in total assets.
The new investments are:
- $100 million commitment to Patria Infrastructure Fund IV run by Latin American specialist infrastructure manager Patria Investments.
- $150 million commitment to ISQ Global Infrastructure Fund III, a fund run by I Squared Capital that is focused on core-plus/value-added investments across middle-market and large-cap companies.
- $125 million commitment to BlackRock Global Renewable Power Fund III, which invests in a mix of greenfield and brownfield assets globally.
- $150 million commitment to Stonepeak Infrastructure Fund IV run by core-plus and value-added manager Stonepeak Infrastructure Partners.
- €110 million ($133 million) commitment to Infranode II, a fund focused on brownfield utilities, renewables and transport assets.
- A £40 million commitment to Project Ceres, a heat and power plant in Lincolnshire, England. The commitment marks the pool's first co-investment and was made alongside Greencoat Capital.
"Infrastructure is a key asset class for our partner funds as they seek attractive investment opportunities and diversification of risk," said Mark Lyon, head of internal management at Border to Coast, in the news release.
"Thanks to our collective size and our in-house expertise, we have been able to access high-quality investment opportunities, including our first co-investment, whilst generating significant collective fee savings for our investors over the long term," Mr. Lyon added.
The pool previously deployed about £675 million to eight infrastructure funds, it said in July. At the time, the pool said an additional £760 million was set be deployed by March 31, said a news release Wednesday. Details on how the remainder of the commitments will be invested will be revealed at a later date, the spokesman said.
