KGAL wins its first LGPS mandate

The London Borough of Newham Pension Fund (Newham) has committed to the renewable energy fund KGAL ESPF 4. It is the first Local Government Pension Scheme (LGPS) client and the first UK investor for KGAL Group. Newham is one of five European Investors who have committed 127 million euros to KGAL ESPF 4.

The participants in the second closing include other institutional investors from Germany, France and the Netherlands. In KGAL ESPF 4, almost three quarters of the equity committed to date of 382 million euros has come from non-German investors. In addition to the London Borough of Newham Pension Fund two insurers, an investment manager and one other pension funds participated in the second closing. “We are delighted to have been appointed by Newham”, comments Douglas Edwards, member of the board KGAL Capital GmbH & Co. KG, who is responsible for international sales. He adds: “We will be working closely with other Local Government Pension Schemes as they also consider the infrastructure allocations.”

Environmental, Social and Governance criteria are increasingly uppermost in investors minds resulting in a particular focus on renewable energy strategies. KGAL ESPF 4 has an equity target of 500 million euros and a hard cap of 600 million euros. Together with a moderate leverage this translates into a potential investment amount around 1 to 1.2 billion euros.The final closing for KGAL ESPF 4 is planned for the end of 2018.


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