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LGPS asset pool tenders sustainable equities mandate for up to £1.5bn

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Brunel Pension Partnership has launched a search for managers to run a global sustainable equities strategy to which it will initially allocate between £1bn and £1.5bn (€1.1-1.7bn).

The £30bn asset pool for local government pension scheme (LGPS) funds said it expected to distribute the investment between three to five managers.

It described the sub-fund as a “long-term focused investment approach that integrates environmental, social and governance (ESG) considerations through the whole investment process, decision making, stewardship, policies and strategies”.

“It goes beyond risks and seeks to maximise exposure to positive pursuit companies, targeting solutions to sustainability and benefiting society as a whole,” it added.

Faith Ward, chief responsible investment officer at the asset pool, said: “We will be looking for a truly global approach to sustainable investing that embraces the vision of sustainable economic growth that supports a thriving environment and society.” 

faith ward, chief responsible investment officer, brunel pension partnership ltd

“We will be looking for a truly global approach to sustainable investing that embraces the vision of sustainable economic growth that supports a thriving environment and society”

Faith Ward, chief responsible investment officer at Brunel Pension Partnership

The partnership of 10 English LGPS funds said it would favour managers with an internal ESG research capability and that “take qualitative approaches and address ESG through positive screens”.

The formal launch of the new portfolio is scheduled for the second quarter of next year. The deadline for managers to submit expressions of interest is Friday 11 October.

Brunel is also on the hunt for global small cap equity managers.

Earlier this year West Midlands Pension Fund appointed five managers to a £1bn global sustainable equity mandate, to which other schemes participating in LGPS Central, another local authority pension pool, are expected to allocate.

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