London CIV, the £26bn LGPS pool for London’s local authorities, is on the lookout for a natural capital fund manager for a new fund due to be launched next year.
The new strategy is aimed at building on growing demand for climate solutions among its partner funds, with thirty of its 32 funds having declared a climate emergency and many having expressed interest in natural capital solutions as part of their net-zero strategy, the pool said.
London CIV’s private markets team is currently in the process of kicking off seed groups, with the potential size of the fund to be decided in due course. The pool has appointed Redington as an advisor to build the vehicle.
Dean Bowden, CEO of London CIV, said the new strategy was part of the pool’s efforts to help its partner funds meet their net zero goals: “It’s anticipated that large-scale carbon capture will play a fundamental role in the path to net-zero. Indeed, we could achieve a 30-40% reduction in CO2 emissions by restoring natural habitats across the globe, according to one academic study.
“A natural capital fund is London CIV’s latest endeavour in helping our partner funds reach their ambitious investment and net-zero goals, and it’s great to have Redington join London CIV again to assist in building out this latest product.”
The new strategy builds on London CIV’s existing climate strategies. Over the past three years, the pool has launched among others the London CIV’s Global Alpha Growth Paris-Aligned Fund and Passive Equity Progressive Paris Aligned (“PEPPA”) Fund in public markets, as well as The London Fund, its Infrastructure Fund, Renewable Infrastructure Fund, and UK Housing Fund as part of London CIV’s private market solutions.
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