London CIV has brought more than £64bn of Local Government Pension Scheme (LGPS) assets under its oversight, representing 99 per cent of assets across its London and Buckinghamshire partner funds.

The milestone follows a 66 per cent increase in assets managed under London CIV’s pooled framework in six months, from around £38.5bn in March 2026 to more than £64bn by the end of September.

London CIV said the increase reflected the implementation of the government’s 'Fit for the Future' reforms, which require LGPS administering authorities to delegate implementation of their investment strategies to their pool and place all assets under pool management.

The government’s statutory guidance took effect this year as part of the wider consolidation of the LGPS into six asset pools.

The £38.5bn figure reported by London CIV at the end of March comprised assets already pooled or deemed pooled.

The latest milestone follows the signing of new investment management agreements between London CIV and its partner funds, establishing a revised framework for investment management, oversight and reporting.

London CIV now works with 33 partner funds across London and Buckinghamshire, following Buckinghamshire’s move into the pool earlier this year.

London CIV CEO, Dean Bowden, said: “This is a significant milestone for London CIV and our partner funds. More than £64bn of London and Buckinghamshire LGPS assets now come under our new pooling framework.

“This progress has only been possible through the close collaboration and trust between London CIV and our partner funds, and I would like to extend my sincere thanks to the elected members, officers and teams across London and Buckinghamshire for the commitment, expertise and dedication they have shown in helping us reach this important milestone.”

Alongside transferring further assets under its oversight, London CIV said it had developed additional capabilities to support the next stage of pooling.

These include an in-house strategic asset allocation capability, completion of an investment advice pilot, quarterly reporting across pooled and non-pooled assets and new partner fund working groups intended to strengthen collaboration and oversight.

London CIV has also developed what it described as the LGPS’s first 'Responsible Investment Matrix', following 18 months of work with partner funds.

The framework is intended to allow differing responsible investment priorities to be implemented within the pooled structure.

The pool has also launched LGPS PASS, its Pension Advice and Support Services offering, which is currently supporting eight partner funds with reporting, governance and policy services.

Meanwhile, London CIV has continued to expand its investment offering alongside the governance changes, including launching its Core Global Equity Fund and developing further private-market opportunities.

More than £1.7bn is now invested across affordable housing, infrastructure, renewable infrastructure and natural capital, including more than £530m in affordable housing and around £950m in infrastructure and renewable infrastructure, according to London CIV.

Bowden said the latest milestone provided a foundation for the next stage of the reforms.

“However, there is still more work to do,” he noted.

“I see this as a strong foundation for the next phase of pooling and for delivering long-term value to scheme members and employers across London and Buckinghamshire.”

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