GERMANY – The pension fund for doctors in the German province of Westphalia-Lippe, the ÄVWL, has earmarked $30m (€23m) for investment in the Global Climate Partnership Fund (GCPF).
The German federal government set up the fund in 2010 together with development bank KfW.
The fund's aim is to support energy efficiency and renewable-energy initiatives in developed and emerging countries, primarily through local bank financing or direct investment.
The Ärzteversorgung Westfalen-Lippe (ÄVWL) has now become the first private investor in the fund set up as a SICAV-SIF vehicle in Luxembourg.
Other investors include the International Finance Corporation from the World Bank Group, the Danish Ministry of Foreign Affairs and the Austrian development bank OeEB.
The only other private investor is Deutsche Bank, which manages the fund.
In a newsletter, Andreas Kretschmer, managing director at ÄVWL, said the investment in the GCPF would allow the pension fund to "actively support climate protection" with a long-term investment concept.
Last year, the ÄVWL – which was awarded an IPE award for its real estate investing strategies in Copenhagen in December – joined forces with other Versorgungswerke to buy the grid operator Amprion.