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London Borough of Lambeth Pension Fund
London Borough of Lambeth Pension Fund was established in 1965 as part of the Local Government Pension Scheme (LGPS), administered by Lambeth Council.
London Borough of Lambeth Pension Fund
London Borough of Lambeth Pension Fund was established in 1965 as part of the Local Government Pension Scheme (LGPS), administered by Lambeth Council. The fund is governed by a Pensions Committee chaired by Councillor Martin Bailey, with Fund Administrator Christina Thompson and Head of Treasury and Pensions Andrien Meyers directing day-to-day financial operations. It exists to provide retirement benefits for non-teaching employees of the borough, drawing contributions from local public-service workers and their employers. The fund maintains a multi-asset portfolio deployed across Real Estate, Private Credit, Venture Capital, Natural Resources, and Fund of Funds. Its direct real estate exposure is shaped through vehicles such as the Invesco Real Estate Portfolio, the London CIV UK Housing Fund, and the Invesco UK Private Rented Sector Property, alongside a Liability Driven Investment (LDI) portfolio to manage pension obligations. The fund also holds a private-markets allocation globally, operating a PAAMCO SPV and maintains a posture in venture capital spanning early-stage and expansion stage mandates. The fund's operational scale took a structural turn in April 2018 when it transferred the bulk of its assets to the London Collective Investment Vehicle (London CIV), a regulated asset-pooling company serving 32 London LGPS funds. This move made Lambeth a shareholder and a client of the London CIV, shifting its investment oversight toward pooled strategies while the local committee retains strategic asset-allocation responsibility. No additional offices beyond the London headquarters are maintained. The fund is a member of the Local Authority Pension Fund Forum (LAPFF), the Pensions and Lifetime Savings Association (PLSA), the Institutional Investors Group on Climate Change (IIGCC), and is a signatory to both the PRI and the UK Stewardship Code, which it retained through 2024. The key structural differentiator for Lambeth is the bifurcation of governance and execution introduced by pooling: fiduciary and strategic decisions remain local under the Pensions Committee, while external manager selection and portfolio construction are centralized within the London CIV. This hybrid model places the fund inside a unique peer group — local LGPS funds that no longer operate standalone but must navigate their allocation priorities through a shared institutional platform.
General information
Firm type
Pension Fund
Year founded
1965
Location
Region
Europe
Country
United Kingdom
City
London
Corporate office
London, United Kingdom
Principals
Councillor Martin Bailey
Chair of the Pensions Committee
Christina Thompson
Director of Finance and Property; Fund Administrator
Andrien Meyers
Head of Treasury and Pensions
Sector focus
Frequently asked questions
Who chairs the investment governance at London Borough of Lambeth Pension Fund?
Councillor Martin Bailey chairs the Pensions Committee, which holds fiduciary responsibility for the fund's strategy. Day-to-day administration is handled by Fund Administrator Christina Thompson, while Andrien Meyers oversees treasury and pensions operations. The committee sets the strategic asset-allocation framework, with portfolio implementation delegated to the London CIV after the April 2018 asset transfer.
How are Lambeth's assets managed after the transfer to London CIV?
As of April 2018, Lambeth Pension Fund transferred the majority of its investments to the London CIV, a collective investment vehicle regulated by the Financial Conduct Authority. Lambeth is both a shareholder and a client, which means the local Pensions Committee retains strategic control over asset allocation, while fund selection and pooling execution are centralized within the London CIV structure alongside 31 other London boroughs.
What is the fund's approach to real estate investing?
Lambeth accesses real estate through several pooled channels, including the Invesco Real Estate Portfolio, the London CIV UK Housing Fund, and Invesco's UK Private Rented Sector Property. These allocations span commercial, residential, and mixed-use assets within the United Kingdom, complementing a broader allocation to real assets that also includes natural resources and infrastructure exposures.
Does Lambeth Pension Fund invest directly in private companies, or only through funds?
The fund deploys capital via a fund-of-funds structure and co-mingled vehicles, including a PAAMCO SPV for global private-markets access. Its venture capital allocation spans seed, start-up, and expansion-stage exposure, while private-market commitments to buyout and multi-asset credit are channeled through third-party managers and the London CIV pooled funds rather than direct company investments.
How does the fund address ESG and stewardship requirements?
Lambeth is a signatory to the UK Stewardship Code, having maintained approval through 2024, and is also a PRI signatory. It participates in the Local Authority Pension Fund Forum (LAPFF) for collaborative corporate-governance engagement and is a member of the Institutional Investors Group on Climate Change (IIGCC). These memberships reflect a systematic approach to climate-risk management and shareholder proxy voting across its pooled fund holdings.
What is the relationship between Lambeth Council and the pension fund?
Lambeth Council acts as the administering authority for the pension fund, which was established in 1965 under the Local Government Pension Scheme. The council appoints the Pensions Committee and provides the governance scaffolding, but the fund's assets are held separately in trust for beneficiaries. The committee chair and officers report to the council, though fiduciary duties run solely to scheme members.
How large is the London Borough of Lambeth Pension Fund relative to other LGPS funds?
Altss estimates the fund holds approximately $2.4B in assets, which places it in the mid-tier of UK local-government pension pools. The London CIV — through which Lambeth now invests — aggregates roughly £45B across 32 partner funds, giving the combined pool the scale to negotiate institutional fee structures and access strategies a single borough fund could not achieve independently.
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