London CIV has revealed that the value of its total pooled assets increased by 18 per cent to £31.6bn in the 2023/24 financial year.

The investment pool that manages Local Government Pension Scheme (LGPS) assets for all London boroughs and the City of London has published its latest annual report, which showed that the largest increase was in private market funds, with commitments up by 26 per cent to £3.1bn over the year.

Meanwhile, public market funds saw a 20 per cent increase in value to £15.5bn and passive assets deemed to be pooled rose by 16 per cent to £14.5bn over the same period.

During the financial year, London CIV launched three new funds across both private and public markets: The LCIV UK Housing Fund, LCIV Short Duration Buy and Maintain Credit Fund, and LCIV Long Duration Buy and Maintain Credit Fund.

It is now developing its LCIV All Maturities Buy and Maintain Fund, which is due to launch in August 2024.

London CIV engaged with 490 companies in 2023/24, and has achieved a 39 per cent reduction in carbon to value intensity in scopes 1 and 2 across its public markets portfolio since the end of 2020.

The total asset value of London’s LGPS was £46.1bn, as at March 2023, with 711,270 total beneficiaries.

Commenting on the report, London CIV CEO, Dean Bowden, said: “When I joined London CIV, first on my list was to engage with our partner funds, find out their needs and identify more ways the investment pool could be utilised for the benefit of London’s LGPS community.

“Activity during the last year has been a large step towards strengthening this community and we’re well positioned to move forward with partner funds at this key inflection point when there is a focus on accelerating LGPS pooling.”

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