# TfL Pension Fund

TfL Pension Fund is a Public Pension Fund based in London, United Kingdom.

## Overview

- **Organization type:** Public Pension Fund
- **Headquarters:** London, United Kingdom
- **Region:** Europe
- **Address:** 4th Floor 200 Buckingham Palace Road, London, England, United Kingdom, SW1W 9TJ
- **Founded:** 1989
- **Assets under management:** Undisclosed
- **Website:** tfl.gov.uk

## Regulatory record

- **Reports private funds:** No

## About

The TfL Pension Fund was established in 1989 to serve as the retirement vehicle for Transport for London staff. Stephen Field leads day-to-day operations while Padmesh Shukla directs investment decisions and Maria Antoniou chairs the trustee board. The scheme remains a closed defined benefit plan sponsored by Transport for London. The fund allocates across private equity, infrastructure and public markets. Current private equity exposure stands at 7.5 percent against a 5.5 percent target. Direct holdings include a 12.44 percent interest in Cory Topco Limited, owner of Riverside energy-from-waste facilities in southwest London, and a 25.49 percent stake in Semperian PPP Investment Partners Holdings Limited. Additional commitments cover the Harrison Street Renewable Energy Co-Investment I, L.P. in the United States and the Augment Brazil I, LP. Geographic reach spans the United Kingdom, United States and Brazil. Assets under management total approximately 18.97 billion USD according to internal records. The fund maintains no additional offices beyond its London headquarters. It participates in industry groups including the Principles for Responsible Investment since 2017 and the Institutional Investors Group on Climate Change. April 2024: Stephen Field spoke at the Top1000funds.com Investment Summit on hedge fund diversification and private market allocations. The fund operates under a trustee board structure with Transport for London as principal employer. Investment decisions rest with the CIO and executive team while the board sets policy and monitors covenant strength through Penfida Limited. This separation between sponsoring employer and trustee oversight constitutes the primary governance distinction.

## Sectors

- Infrastructure
- Renewable Energy
- Energy & Utilities

## People

- Stephen Field — Director of Pensions & Chief Executive
- Padmesh Shukla — Chief Investment Officer
- Maria Antoniou — Chair of the TfL Pension Fund Trustee Board

## Questions

### Who runs investment decisions at TfL Pension Fund?

Padmesh Shukla serves as Chief Investment Officer. Stephen Field acts as Director of Pensions and Chief Executive. The trustee board chaired by Maria Antoniou sets overall policy.

### Does TfL Pension Fund participate in fund commitments or only direct deals?

The fund executes both. It holds direct ownership in Cory Topco Limited and Semperian PPP Investment Partners Holdings Limited while also committing to funds such as Harrison Street Social Infrastructure Fund and CEFF II Fund.

### What investment stages does TfL Pension Fund typically target?

The fund targets buyout, growth, co-investment and natural resources strategies. Ticket sizes range from 40 million to 400 million USD with a minimum investment horizon of ten years.

### Which sectors does TfL Pension Fund explicitly avoid?

No explicit exclusions appear in available records. The fund maintains exposure to Russian-linked assets that remain frozen and continues to hold positions across diversified, energy and infrastructure sectors.

### How is TfL Pension Fund related to Transport for London?

Transport for London acts as the principal employer and sponsoring body. The scheme provides benefits to TfL employees and certain participating employers including the British Transport Police Authority.

### What is TfL Pension Fund's known posture on co-investments alongside external GPs?

The fund pursues co-investments. It holds a 74.399 percent interest in Harrison Street Renewable Energy Co-Investment I, L.P. and a 12.86 percent interest in Harrison Street Social Infrastructure Fund.

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Last updated: 2026-06-03T20:00:00.000Z

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