The local authority pension scheme for the London Borough of Newham has invested in German asset manager KGAL’s ESPF 4 green energy fund.
Newham has invested along with four other European institutions, who have committed a total of €127m to the green energy fund, which mainly invests in wind-solar and hydro power assets across Europe.
The fund has an equity target of €500m and a hard cap of €600, to date it has £382m in equity commited. It aims to close for further investments by the end of the year.
As of 2016, Newham Pension fund managed £1.1bn on behalf of more of 25,000 members, between 2015 and 2016, the fund received a net investment income of £16m, representing a 19% increase compared to the previous year.