# London Borough of Southwark Pension Fund

London Borough of Southwark 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
- **Assets under management:** £2.48 billion
- **Website:** southwarkpensions.co.uk
- **LinkedIn:** https://www.southwarkpensions.co.uk

## Regulatory record

- **Reports private funds:** No

## About

The London Borough of Southwark Pension Fund administers retirement benefits for council workers in the South London borough, operating within the Local Government Pension Scheme framework. Caroline Watson serves as Chief Investment Officer, with Mike Ellsmore chairing the local pension board. The fund pools its alternative investment commitments through London CIV, the collective vehicle for London's LGPS funds, while retaining direct oversight of segregated real estate mandates. The fund's deployment spans private markets, infrastructure, real estate, venture capital, and natural resources. Direct property holdings dot the UK — including a Sidcup commercial asset, the Brockton Everlast Portfolio in London, and mandates run by Nuveen, M&G, and Invesco. It also holds US timberland through a BTG Pactual vehicle and has backed the Darwin Bereavement Services Fund. On infrastructure, it allocates to global sustainable mandates. The London CIV relationship channels commitments to growth capital, buyout, early-stage venture, and turnaround strategies. Professionals and total headcount remain undisclosed. The fund maintains active stewardship memberships: it is a long-term participant in the Local Authority Pension Fund Forum, a member of the Institutional Investors Group on Climate Change, and a UK Stewardship Code signatory. No recent operational event within the last 24 months could be verified from available sources. Structurally, the fund distinguishes itself through its dual architecture — retaining direct UK commercial and mixed-use real estate alongside pooled London CIV commitments to alternative assets. This hybrid approach gives its investment team direct property oversight while accessing pooled scale for private markets and venture mandates, an uncommon blend among LGPS peers.

## Sectors

- Real Estate
- Infrastructure
- Private Equity
- Venture Capital
- Natural Resources
- Timber
- Private Credit

## People

- Caroline Watson — Chief Investment Officer
- Mike Ellsmore — Independent Chair of the Local Pension Board

## Questions

### How are alternative investments managed at the Southwark Pension Fund?

The fund pools its private equity, venture capital, infrastructure, and other alternative commitments through London CIV, the collective investment vehicle for London local government pension schemes. This arrangement aims to reduce costs and improve access to institutional strategies. Direct real estate assets, however, are managed through segregated mandates with firms including Nuveen, M&G, and Invesco.

### What is the fund's approach to direct real estate investing?

Southwark retains substantial direct UK commercial property exposure, with holdings including a property in Sidcup, the Brockton Everlast Portfolio in London, and mandates across Nuveen, M&G, Invesco, and Frogmore Real Estate Partners. The portfolio includes core and mixed-use assets concentrated primarily in London and the South East.

### Who oversees investment decisions and governance?

Caroline Watson serves as Chief Investment Officer, responsible for day-to-day investment management. Mike Ellsmore chairs the Local Pension Board, which provides independent oversight of governance and administration. The administering authority is Southwark Council.

### What stewardship initiatives does the fund participate in?

The fund is a long-standing member of the Local Authority Pension Fund Forum for collaborative shareholder engagement, a member of the Institutional Investors Group on Climate Change for climate risk management, and a signatory to the UK Stewardship Code. These memberships reflect its emphasis on active ownership across the portfolio.

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Last updated: 2026-07-08T22:13:27.048Z

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