London Collective Investment Vehicle (LCIV) has launched a global bond fund with seed investment from two of its shareholder local government pension schemes (LGPS).
PIMCO was to manage the initial investment, it said, confirming a previously outlined appointment. The fund’s seed investment came from the London boroughs of Bexley and Croydon.
The fund is launching with £100m (€113m), with a further £190m having been committed, according to a statement from the pooling vehicle.
This took LCIV’s total assets under management and oversight to over £17bn, representing more than 45% of the London public pension funds’ assts.
The global bond fund is LCIV’s second fixed income fund. In June it unveiled a £308m multi-asset credit fund, the first of a set of planned fixed income strategies.
LCIV also had launching equity and infrastructure products in the pipeline, it said.
Larissa Benbow, head of fixed income at LCIV, said: “It’s an honour and a privilege to have Bexley and Croydon supporting the launch of the LCIV global bond fund with PIMCO.
“We believe that the active and research-intensive nature of PIMCO’s investment process will make this fund a compelling fixed income offering to add to the LCIV fund range.”
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