More about the Northern LGPS
More about the Northern LGPS
The Northern Local Government Pension Scheme (LGPS) was formed after the Government published its investment reform criteria in 2015. The reform aimed to reduce LGPS investment management costs and encourage infrastructure investment to help drive growth in the United Kingdom economy.
Greater Manchester Pension Fund (GMPF), Merseyside Pension Fund (MPF) and West Yorkshire Pension Fund (WYPF) came together to form an investment pool called the Northern LGPS. The pool invests in illiquid and alternative assets and works to deliver the objectives set by the Government.
The Northern LGPS invests through GLIL and the Northern Private Equity Partnership (NPEP). The Northern LGPS primarily invests in illiquid and alternative assets to:
- produce cost savings
- meet the Government’s ten per cent commitment to infrastructure investment to help drive growth
- ensure simple democratic governance arrangements, which provide accountability for the taxpayer.
GLIL is a £1.8 billion infrastructure investment pool. It is operated by the Northern LGPS in conjunction with the Lancashire County Pension Fund and London Pensions Fund Authority. GLIL aims to invest in infrastructure projects directly. This produces cost savings for Northern LGPS members.
GLIL has invested in:
A full list of GLIL’s investments can be found on the GLIL website.
- Clyde Wind Farm
- Anglian Water
- Rock Rail
The Northern LGPS established the Northern Private Equity Pool in May 2018. NPEP is a large investment pool that facilitates investments in private companies not listed on public stock exchanges.
The partnership operates as a single legal entity through which the three Northern LGPS funds can invest collectively and collaboratively in Private Equity assets.
The combined scale and resources of the NPEP enables funds in the Northern LGPS to invest in private companies and achieve at a lower cost than have been the case historically.
The full list of NPEP’s investments can be found on the Northern LGPS website.
Northern LGPS publishes quarterly stewardship reports on its website. These reports detail the investment activity and engagement Northern LGPS has undertaken over the previous quarters.