London and Lancashire pension funds create private equity manager

The Local Pensions Partnership (LPP) has launched a structure to combine the private equity assets of its two founders.

UK pension schemes the London Pensions Fund Authority and Lancashire County Pension Fund have combined private equity funds of £1.8 billion (€2.1 billion).

LPP was established a year ago as a regulated entity to manage the pooled assets of the two pension schemes.

The new structure is called LPP Investments and is a fully-owned subsidiary of LPP and also authorization from the Financial Services Authority to act as an investment manager for other funds.

LPP’s private Equity strategy seeks to achieve long-term investment returns by investing in companies at various stages of the growth cycle, such as buyout, special situations and distressed.

Susan Martin, LPP chief executive, said: “Over the next few months we will continue to launch more funds and structures with infrastructure, total return, fixed income and credit in the pipeline.”

Last year the LPP launched a £5 billion global equity fund which has delivered a “significant reduction” of more than £7.5 million per annum in the overall costs for the founding investors.

©2017 funds europe

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