GMPF has over 414,000 pension members and pays over £750million of benefits each year
Greater Manchester Pension Fund is to invest £150million in a joint venture behind one of the largest regeneration projects in the region.
GMPF is one of 86 funds that make up the Local Government Pension Scheme in England and Wales. It is the largest fund in the LGPS with a current value in excess of £28billion. The fund currently has over 414,000 pension members and pays over £750million of benefits each year. Chris Oglesby, executive chair of Bruntwood SciTech and CEO of Bruntwood, said: "In GMPF we have found a partner who shares mutual strategic vision, values, cultural alignment and passion for the key sectors of the UK economy which have the biggest potential for growth.
"Bruntwood SciTech is a unique opportunity to invest in, and develop, a significant, patient capital project that is economically viable and socially useful. By bringing Greater Manchester Pension Fund alongside us, we can further scale our impact and deliver on a shared purpose to use society's capital for society's benefit.
Kate Lawlor, CEO for Bruntwood SciTech, said: "We've done some amazing things over the last five years by partnering with city regions on their investment strategies and helping create the places they need to unlock them. The investment from GMPF demonstrates the strong impact and proposition Bruntwood SciTech has developed, and we are excited to bring in a like-minded third-party investor to support the key priority sectors for the UK in our mission to expand the portfolio further.
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