Foresight has completed the acquisition of the Pensions Infrastructure Platform (PIP) just one month after announcing the planned purchase.
The acquisition increases Foresight's assets under management by £1.8bn to £6.5bn, with the company seeking to target long-term investments that align with the UK's needs in the economic recovery from Covid-19.
PIP chief executive Paula Burgess has formally joined Foresight as a partner, while chief investment officer Ed Wilson and head of asset management Andy Clapp have joined Foresight's infrastructure team of investment and asset management professionals.
Foresight said PIP would operate as a discrete entity with its team managing the assets and relationships to build for further diversification.
PIP was formed in 2013 under the leadership of the Pensions and Lifetime Savings Association (PLSA) and with backing from major pension schemes including those of British Airways, the Pension Protection Fund, and the Local Government Pension Scheme (LGPS) funds of Strathclyde and West Midlands.
It manages a portfolio of UK infrastructure assets covering renewable energy, transportation, and hospitals.
Foresight chairman Bernard Fairman said: "We are delighted to welcome Paula and her team, whose skills and experience will add breadth and depth to our already impressive infrastructure focus.
"Investment in infrastructure, and particularly in green infrastructure, lies at the heart of the government's recovery plans. Our team at Foresight continues to target long-term investment into projects that are transforming the infrastructure of the UK, boosting jobs, helping accelerate the much-needed economic recovery and creating a smarter future for all."
Burgess added: "We are thrilled to be joining Foresight. We will continue to help UK pension funds enhance their infrastructure allocations, while bringing additional skills and resources to attract greater investment as part of a larger platform."
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