David Russell, head of responsible investment at the UK's biggest private pension, discusses how the private equity industry is reacting to climate change.
Brookfield and GIP’s latest funds can hang comfortably with PE’s big boys. But despite infra’s long-term credentials, it’s PE firms that are amassing the largest amounts of perpetual capital.
In November, Washington State Investment Board committed $175m to the fund, with an additional $75m of co-investment capital.
The local government rejected plans by Britain’s ninth busiest airport to grow its passenger limit from 10 million to 12 million on environmental grounds.
The increase in the number and size of debt funds augers well for an asset class expected to grow on the back of compressed equity returns and persistently low interest rates.
The fund has sub-vehicles investing in asset classes such as PE, debt and infrastructure, each of which can commit 30% to secondaries.
The firm has already raised €500m from European investors and will now pitch the vehicle to Australian LPs.
More than a third of limited partners in infrastructure funds expect to increase their exposure to the asset class over the next 12 months.
The UK-based manager believes mid-size infrastructure companies ‘have typically not received the full attention of their previous owners’.
The firm’s fourth flagship vehicle exceeded its $17bn target and is already 40% deployed, with $3.6bn invested in digital infrastructure.
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