January 22, 2015 / 8:52 AM / 3 years ago

UK pension funds launch 500 million pound infrastructure JV

LONDON (Reuters) - The Greater Manchester Pension Fund and London Pensions Fund Authority said they will jointly invest up to 500 million pounds in U.K. infrastructure projects.

The two pension funds will invest the money over the next three years, in an effort to deliver long-term returns matching liabilties, they said in a joint statement on Thursday.

"The structure aligns with both Funds' responses to central government on the reform of the Local Government Pension Scheme, which called for closer collaboration between funds in order to realise the benefits of increased scale," they said.

Reporting by Nishant Kumar, editing by Sinead Cruise

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