Brunel Pension Partnership has made a cornerstone $60m (€54m) commitment to a private equity impact fund on behalf of four of its UK local government pension scheme (LGPS) clients.
The £30bn (€35bn) LGPS pool said it had obtained attractive terms from the manager – Neuberger Berman – for its clients’ commitments and had also negotiated terms on behalf of the entire £263bn local authority pension system, “should any other individual funds or pools wish to commit before final close”.
Richard Fanshawe, head of private markets at Brunel, said the Neuberger Berman Private Equity Impact Fund was “ground breaking in seeking attractive financial returns in lockstep with positive social and environmental impact, having identified investable themes that can map to 15 of the 17 UN Sustainable Development Goals (SDGs)”.
According to Brunel, Neuberger Berman was targeting a high proportion of direct co-investments into underlying companies, “complemented by select investments in specialist impact primary funds that Brunel would be unlikely to access alone”.
