Wednesday, May 29, 2024

GLIL secures additional £475m to ramp up investment in UK infrastructure – Room 151

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GLIL Infrastructure, an investment platform backed by the Local Government Pension Scheme (LGPS) and Nest, has raised an additional £475m from its members.

This brings the total amount of capital committed to GLIL to £4.1bn, of which over £3bn has been deployed into UK infrastructure assets including renewable energy production and transport, the investment vehicle has announced.

The additional £475m of capital commitments came from “across all of” GLIL’s members, the investment platform said. Members of GLIL include Greater Manchester, Merseyside, West Yorkshire, Lancashire and Berkshire pension funds, the London Pensions Fund Authority and defined contribution pensions provider Nest.

Ted Frith, GLIL’s chief operating officer, stated that the additional funds raised will help the investment platform “capitalise on a strong pipeline of new investment opportunities that provide reliable returns” for its members.

GLIL’s latest investments include a £360m stake in Cornerstone, a UK mobile towers business and signing a strategic partnership with Bluefield Solar Income Fund, beginning with the £200 investment into Lyceum, a 247MW portfolio of operational solar energy assets.

Stephen O’Neill, head of private markets at Nest, said: “At Nest, we’re delighted to be expanding our investments in UK infrastructure. We see fantastic opportunities to put our members’ money to work in projects right here on their doorstop, while helping grow their pension over the years to come. It’s a win-win situation.

“Our partnership with GLIL is one of many we’ve set up to invest in the UK.”


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