London Borough of Haringey Pension Fund, London, allocated 3% of its assets to The London Fund, a real estate strategy, according its website.
The pension fund has £1.6 billion ($2.2 billion) in assets. Haringey's allocation to The London Fund was funded from its 10% allocation to gilts, which reduced to 7% as a result of the new investment.
The London Fund was created by local authority pensions pool London CIV and Local Pensions Partnership, London, an asset and liability management pensions pool. London CIV runs £13.5 billion in assets under management on behalf of London local authority pension funds. LPP has £19.8 billion in assets under management.
The two entities manage the fund, which focuses on residential real estate, affordable housing, community regeneration, digital infrastructure and clean energy in London. The total committed assets to The London Fund stand at £195 million. The strategy is targeting £300 million.
"This investment will improve our ability to pay our members pensions by providing stable long-term cashflows whilst having a positive impact on the lives of Londoners. We look forward to working closely with the London CIV and the Local Pensions Partnership Investments to ensure that this investment is a success for all stakeholders," Yvonne Say, chairwoman of Haringey's pension committee and board, said in a news release.
