Greater Manchester Pension Fund (GMPF) is the first LGPS fund to join a £500m fundraiser for Bruntwood SciTech, a specialist property platform focused on supporting the life science and tech sectors in the UK.
Bruntwood, which launched in 2018 in collaboration with asset manager Legal & General, has confirmed a total of £500m in new equity, with GMPF – at £22bn the largest LGPS fund in the UK – contributing £150m.
Gerald Cooney, chair of the GMPF, commented on the investment: “We have long admired Bruntwood SciTech and seen its impact on our doorstep in Manchester, not least in leveraging the strength of its universities to create innovation districts with a genuine global reputation that are capable of attracting companies like Roku and Qiagen to the city.”
As an open DB scheme and a founding member of infrastructure platform GLIL, GMPF builds on a significant allocation to alternatives. While about half of its portfolio is invested in equities, it also holds 10% of its portfolio in property and an additional 18% in other alternatives.
Bruntwood said that the new capital will be used to expand and redevelop existing science and technology campuses and city centre innovation hubs, delivering much-needed additional world-leading lab and office space in Manchester, Birmingham, Leeds, Liverpool, Glasgow and Cambridge, across a secured 3.6m sq ft development pipeline.
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