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Travers Smith advises £1.3bn GLIL Fund


Travers Smith LLP has advised GLIL Infrastructure LLP (GLIL) in relation to its further fund-raising round, which has increased its total deployable capital to £1.275 billion.

Originally established in April 2015 as a £500m joint venture between the London Pensions Fund Authority and the Greater Manchester Pension Fund to invest in UK infrastructure assets, the extension to the platform has seen three of the largest UK local government pension schemes, the Lancashire, Merseyside and West Yorkshire Pension Funds, join the pool.

GLIL was established to provide a cost efficient and scalable structure delivering long-term returns which match the liabilities of the participants and to facilitate much needed investment in UK infrastructure. To date, GLIL has deployed over £250 million in three major infrastructure projects.

The Travers Smith team was led by investment funds partner Jeremy Elmore, assisted by Alexandra Cooke, and also included investment funds tax partner Rick Stratton.

Jeremy Elmore, Investment Funds partner, commented: "We are delighted to have been involved in this project, which is a key part of the Government's initiative to encouraging pooling of assets and investment expertise within the LGPS community. Any boost to UK infrastructure investment is timely given the requirements identified in the recent updated National Infrastructure Plan, and we expect GLIL to play an important role in facilitating private sector investment in the asset class".

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