# London Borough of Hammersmith & Fulham Pension Fund

London Borough of Hammersmith & Fulham Pension Fund is a Pension Fund based in London, United Kingdom.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** London, United Kingdom
- **Region:** Europe
- **Address:** London, United Kingdom
- **Founded:** 1965
- **Assets under management:** $1.5B - $3B (Altss estimate)
- **Website:** lbhfpensionfund.org

## Regulatory record

- **Reports private funds:** No

## About

The London Borough of Hammersmith & Fulham Pension Fund operates within the Local Government Pension Scheme, serving current and former employees of the borough. Councillor Ross Melton chairs the Pension Fund Committee, while Karen Shackleton — founder of the impact-investing network Pensions for Purpose — chairs the Pension Board. Day-to-day administration sits with Local Pensions Partnership Administration, but the fund's investment posture is shaped by its committee and board. The fund splits its deployment between pooled assets through the London Collective Investment Vehicle and a separate sleeve of direct real estate and infrastructure commitments. The London CIV, a mandatory asset pool for 32 London LGPS funds, holds approximately 60–70% of Hammersmith & Fulham's assets. The direct portfolio reveals a heavy UK-centric property tilt: confirmed holdings include the Alpha Real Capital Index Linked Income Fund, the abrdn Long Lease Property Fund, Man GPM's Affordable Housing Fund, and a ground-rent strategy also managed by Alpha Real Capital. Infrastructure exposure runs through Quinbrook Renewable Infrastructure and Partners Group Direct Infrastructure, while a leisure-development mandate sits with Darwin Alternatives. LBHF maintains an understated but deliberate engagement footprint. It is a member of the Local Authority Pension Fund Forum, using the collective's weight for shareholder advocacy on governance and ESG. A 2024 fund valuation placed its assets at roughly £1.4 billion, or approximately $1.76 billion. The fund's structural distinction lies in its dual governance and dual deployment model: administrative responsibility rests with LPPA, while investment oversight and direct allocations sit with the committee and board, giving it a split-control architecture uncommon among fully pooled LGPS peers. The direct portfolio — concentrated in UK property and global infrastructure — preserves an allocation edge that the London CIV pool alone would not offer.

## Sectors

- Real Estate
- Infrastructure
- Private Credit

## People

- Ross Melton — Chair of the Pension Fund Committee

## Questions

### Who makes investment decisions at the London Borough of Hammersmith & Fulham Pension Fund?

The Pension Fund Committee, chaired by Councillor Ross Melton, oversees investment strategy and allocation decisions. Karen Shackleton chairs the Pension Board, which provides scrutiny and assurance. Day-to-day administration is delegated to Local Pensions Partnership Administration, but the committee retains control over the fund's strategic direction.

### How does the fund's relationship with the London CIV work?

Hammersmith & Fulham is both a shareholder and a participant in the London Collective Investment Vehicle, the mandatory asset pool for all 32 London LGPS funds. Approximately 60–70% of the fund's assets flow through London CIV sub-funds. The remaining assets are held in a direct portfolio managed outside the pool, primarily in real estate and infrastructure.

### What does the direct portfolio look like?

The direct portfolio is concentrated in UK real estate and global infrastructure. Confirmed holdings include the Alpha Real Capital Index Linked Income Fund, abrdn Long Lease Property Fund, Man GPM Affordable Housing Fund, Quinbrook Renewable Infrastructure, Partners Group Direct Infrastructure, and two strategies with Darwin Alternatives — a leisure-development fund and a ground-rent mandate also run by Alpha Real Capital.

### What is the fund's posture on responsible investment and ESG?

The fund engages through two channels: the Local Authority Pension Fund Forum, where it participates in collaborative shareholder advocacy on governance and ESG, and an informal alignment with impact-investing principles via Karen Shackleton's parallel role as founder of Pensions for Purpose. The fund's own public materials do not foreground a standalone ESG policy.

### Is this a single-employer pension scheme?

Yes, it is a single-employer fund within the broader Local Government Pension Scheme. It covers employees of the London Borough of Hammersmith and Fulham, with membership open to current workers, deferred members no longer contributing, and pensioners already drawing benefits.

### How is the fund governed differently from other London LGPS funds?

Hammersmith & Fulham runs a split-governance model: investment decisions sit with the Pension Fund Committee and Board, while administration is outsourced to Local Pensions Partnership Administration. Most fully pooled LGPS funds delegate both functions. The fund also retains a direct-investment sleeve that gives it more asset-level control than peers operating entirely through the London CIV.

## Related profiles

- [Stichting Pensioenfonds voor Dierenartsen](https://altss.com/profile/stichting-pensioenfonds-voor-dierenartsen)
- [London Borough of Hammersmith & Fulham Pension Fund](https://altss.com/profile/london-borough-of-hammersmith-fulham)

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Last updated: 2026-08-11T02:43:31.692Z

Canonical page: https://altss.com/profile/london-borough-of-hammersmith-fulham-pension-fund

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