London CIV rolls out natural capital strategy with three cornerstone commitments
London CIV has made three cornerstone commitments as part of its natural capital strategy, following the launch of a new fund in 2024.
The LGPS pool, which manages pension assets on behalf of 31 London boroughs and Buckinghamshire, launched the strategy with an initial £75mn investment from Barnet Pension Fund. Camden and Islington pension funds have also backed the natural capital strategy.
Over the past year, the fund has made three cornerstone commitments, according to a note circulated by London CIV to partner funds. It committed £135mn to JP Morgan Campbell Global’s Forest and Climate Solutions Fund, providing exposure to sustainably managed timberland across developed markets.
The pool has also invested £60mn in a UK-focused forestry fund managed by Gresham House, aimed at supporting afforestation and sustainable forest management across commercial softwood forests.
Most recently, London CIV committed a further £60mn to Manulife’s Timberland and Farmland Fund.
Speaking to Net Zero Investor last year, Vanessa Shia, head of private markets at London CIV, said the strategy targets annual net returns of 6–8% with a 2% cash yield.
Vanessa Shia on London CIV's natural capital fund: "a product ahead of its time"
