Brunel Pension Partnership, Bristol, England, and the Superannuation Arrangements of the University of London, known as SAUL, jointly committed £277million ($356.7 million) to closed-end private markets fund Greencoat Renewable Income, according to Brunel's website.
The £3.8 billion SAUL invested £150 million in the fund, managed by Greencoat Capital, that invests in U.K. renewable infrastructure assets, focusing on solar energy, wind energy and bioenergy, a SAUL spokesman said.
The £30 billion Brunel partnership, which is a pool of local authority pension funds, committed £127 million to the fund, a Brunel spokesman said. Brunel allocates 35% of its infrastructure portfolio to renewable energy funds, he noted.
"This fund is a good fit both with our clients' return expectations from secured income investments and Brunel's partnershipwide commitment to act on climate change including extending the range and quality of climate-aware products available to our clients," said Gillian de Candole, investment principal at Brunel said in a news release Wednesday.
Kevin Wade, CIO at SAUL Trustee Co., said in the release that the investment will provide SAUL with a diversified, renewable infrastructure portfolio with predictable cash flows to help meet the fund's inflation-linked liabilities.
"We know that environmental issues are a key concern for our members and employers so we welcome the opportunity to invest capital in areas of the market that will help the U.K. to reduce its carbon emissions, importantly, without the need to forgo return," Mr. Wade said.
Redington advised SAUL. Additional details could not be learned.
