London CIV launches Renewable Infrastructure and Private Debt Funds

London CIV is delighted to announce the launch of the LCIV Private Debt Fund (‘Private Debt’) and the LCIV Renewable Infrastructure Fund (‘Renewables’), together, “The Funds”.

The Funds were successfully launched on the scheduled date of 30 March 2021 and are the latest additions to the London CIV private markets funds which also includes The London Fund, LCIV Infrastructure Fund and LCIV Inflation Plus Fund. Collectively, the Funds have been seeded with £725m, comprising investments from eight of London CIV’s Client Funds.

Renewables has an open-ended structure and will focus on renewable energy infrastructure assets by investing in greenfield and brownfield assets. This will include generation, transmission, distribution and enabling assets. London CIV have selected funds managed by BlackRock Investment Management , and Foresight Group , Quinbrook Infrastructure Partners , and Stonepeak Global Renewables Advisor , subject to final due diligence and legal agreement. Five seed investors have committed an initial £435m into Renewables, and the subsequent closes expect to see a further six Client Funds invest more than £300m.

Private Debt has a closed-ended structure and will seek to achieve its objective by investing its assets into at least two underlying funds which make loans to European and North American middle market companies, respectively. London CIV have selected funds managed by Churchill Asset Management, and Pemberton Asset Management, subject to final due diligence and legal agreement. Private Debt has been seeded by three Client Funds with a total commitment of £290m; a further three investors are expected to invest more than £150m by the end of the year. Private Debt fund will remain open to further commitments from London CIV Client Funds for the next twelve months.

Mike O’Donnell, CEO of the London CIV, said: “London CIV is delighted to be adding these new funds to our current offering. The launches and commitments are a key milestone for London CIV and a reflection of our ongoing collaboration with our Client Funds through the London CIV Seed Investment Groups. Launching the Funds by the end of March was a challenging target, but we have, nonetheless, succeeded in demonstrating our commitment to delivering the right solutions for our investors and on time.”

Mike continued, “London CIV have an ongoing commitment to ESG (Environmental Social Governance) integration and managing climate risks. Launching the LCIV Renewable Infrastructure Fund is an important moment in our efforts to invest responsibly and provide long-term and sustainable solutions for our 32 Client Funds.”

At the end of March 2021, London CIV assets under management including commitments were £12.59bn. London CIV will continue to develop and launch products, in partnership with Client Funds, to augment the current fund offering for the 32 Clients.