# Wales Pension Partnership

Wales Pension Partnership is a Pension Fund based in Cardiff, United Kingdom.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Cardiff, United Kingdom
- **Region:** Europe
- **Address:** Treasury & Pension Investments Section County Hall, Carmarthen, Carmarthenshire, United Kingdom, SA31 1JP
- **Founded:** 2017
- **Assets under management:** $25B
- **Website:** walespensionpartnership.org
- **LinkedIn:** https://www.linkedin.com/company/wales-pension-partnership-wpp

## Regulatory record

- **Reports private funds:** No

## About

Wales Pension Partnership was formed in 2017 to consolidate the investment activities of eight Welsh local government pension funds. Carmarthenshire County Council serves as host authority and Rob Lamb heads the dedicated investment management company. The arrangement replaced separate fund-level decision making with a shared governance committee and centralised mandates. The partnership allocates across public equities, core and impact real estate, infrastructure, forestry and private equity. Confirmed holdings include the Schroders Capital UK Core Real Estate Mandate, Gresham House Forest Fund VI and multiple Quinbrook battery storage projects. Geographic exposure centres on the United Kingdom with a statutory emphasis on assets located in Wales. Capital is deployed through open-ended sub-funds, closed-ended programmes and co-investments alongside external managers such as IFM, GCM Grosvenor and Octopus Renewables. Assets under management stand at approximately $24 billion. The partnership maintains offices only in Carmarthen and relies on external providers including Northern Trust for custody, Hymans Robertson for oversight and Robeco for voting. In November 2024 it received the ESG Innovation Award at the LGC Investment Awards. It is a signatory to the UK Stewardship Code and a member of the Local Authority Pension Fund Forum. Governance rests with a Joint Governance Committee of elected councillors from the constituent funds and an independent investment management company. This separation of oversight from day-to-day execution distinguishes the platform from both single-fund LGPS arrangements and conventional asset managers.

## Sectors

- Real Estate
- Infrastructure
- Renewable Energy
- Private Equity

## People

- Rob Lamb — Chief Executive Officer of the WPP Investment Management Company
- Cllr Elwyn Williams — Chair of the Joint Governance Committee

## Questions

### Who runs investment decisions at Wales Pension Partnership?

Rob Lamb serves as Chief Executive Officer of the dedicated investment management company. A Joint Governance Committee of councillors from the eight constituent funds sets high-level policy.

### How is Wales Pension Partnership structured relative to its constituent funds?

It operates as a pooled vehicle that replaced separate investment committees at each of the eight Welsh LGPS funds. Carmarthenshire County Council acts as host authority while Waystone Management serves as the FCA-authorised pool operator.

### Does Wales Pension Partnership commit to external funds or make direct investments?

It uses both approaches. Equity and real-estate exposure is obtained through mandates with Russell Investments and Schroders, while infrastructure and forestry positions include direct holdings such as Quinbrook battery projects and Gresham House Forest Fund VI.

### What geographic focus does Wales Pension Partnership apply?

The majority of capital is invested in the United Kingdom.

### Which asset classes receive the largest allocations?

Public equities represent the largest sleeve, followed by real estate and infrastructure. Smaller allocations exist in private equity and forestry.

### How does Wales Pension Partnership handle stewardship and voting?

It has appointed Robeco as voting and engagement adviser and is a signatory to the UK Stewardship Code. The partnership also participates in the Local Authority Pension Fund Forum for collective engagement.

### What recent operational events have affected the partnership?

In November 2024 the partnership received the ESG Innovation Award at the LGC Investment Awards. It sponsored the Invest in Wales Conference in April 2025 and spoke at the Welsh Government Investment Summit in December 2025.

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- [North Dakota State Investment Board](https://altss.com/profile/north-dakota-state-investment-board)
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Last updated: 2026-07-08T20:48:43.200Z

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