London CIV

What London CIV does

London CIV (legal name London LGPS CIV Limited) is an FCA-authorised investment pooling platform serving the Local Government Pension Schemes (LGPS) of London and Buckinghamshire. Founded in 2015 in response to UK government LGPS pooling reforms, it is one of six LGPS pools in England and Wales and serves 33 Partner Funds (32 London boroughs, the City of London, and Buckinghamshire Council) as both exclusive clients and equal shareholders. The company pools £34.2bn of assets (as of 31 March 2025), comprising approximately £17.1bn in active public markets, £14.9bn in deemed-pooled passive assets, and £2.2bn in drawn private markets, representing 65% of London LGPS assets.

The platform offers 20 public markets funds structured as an Authorised Contractual Scheme (ACS) spanning global equity (alpha growth, value, sustainable, Paris Aligned, emerging markets, passive), fixed income (global bonds, multi-duration buy-and-maintain credit, alternative credit), and absolute return strategies. Eight private markets funds operate under an Exempt Unauthorised Unit Trust (EUUT) structure, covering real estate, infrastructure, multi-asset credit, and the LCIV UK Housing Fund (a thematic affordable housing programme with commitments across five managers totalling over £470m). A Scottish Limited Partnership (the LCIV London Fund) is operated jointly with LPPI for London-focused property investments. All investment processes integrate ESG factors and TCFD-aligned reporting. The technology stack relies on third-party providers: Northern Trust for fund administration, custody and depositary; Federated Hermes EOS for stewardship engagement; and a secure client portal for Partner Fund access. In late 2024, London CIV launched LGPS PASS, a Pension Advisory and Support Service offering investment advice, climate analytics, triennial valuation support, strategic asset allocation, and governance documentation, claimed to deliver 50%+ annual fee savings versus traditional consultancy.

The business model is that of a non-profit, customer-owned investment cooperative. London CIV does not operate commercially for profit; its operating costs are funded by annual budget contributions from Partner Funds, and revenue is generated via management fees on pooled AUM and subscription fees for LGPS PASS. Distribution is exclusively direct and institutional, limited to FCA-defined professional clients within the LGPS community, with engagement through shareholder committees, general meetings, sustainability working groups, and a dedicated client portal. The company is regulated by the FCA (firm reference 710618) as a small and non-interconnected MIFIDPRU Investment Company, and is signatory to UN PRI, the UK Stewardship Code 2020, TNFD Forum, Climate Action 100+, and LAPFF.

Name

London CIV

Legal name

London LGPS CIV Limited

Website

https://londonciv.org.uk

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

London CIV is an FCA-authorised, non-profit investment pool serving 33 UK Local Government Pension Schemes (32 London boroughs, City of London, and Buckinghamshire), managing £34.2bn across public and private market funds with integrated ESG and advisory services.

Ownership category

akta.pro rank

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Fund Management Fees: London CIV operates as a non-profit making organization funded by annual budget contributions from its Partner Funds. The company charges management fees for operating its pooled investment funds and providing investment services. Revenue is derived from fees calculated on assets under management across its ACS (public markets) and EUUT (private markets) fund structures. The organization is classified as an SNI MIFIDPRU Investment Company under FCA regulation.
2. Advisory Services Revenue: Revenue generated from the LGPS PASS service offering, which provides investment advisory and support services to Partner Funds on a subscription basis. Services include strategic asset allocation advice, climate analytics, and governance support.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels8 records

Core offering

London CIV operates an FCA-authorised pooled investment platform for the Local Government Pension Schemes of London and Buckinghamshire, delivering 20 public markets funds (ACS structure) and 8 private markets funds (EUUT structure) covering equity, fixed income, sustainable/Paris-aligned, absolute return, alternative credit, real estate, infrastructure, and UK affordable housing strategies. It complements the fund platform with the LGPS PASS advisory service, providing strategic asset allocation, climate analytics, cash flow forecasting, triennial valuation support, and governance documentation to its Partner Funds. All offerings are exclusively available to the 33 LGPS Partner Funds that own and govern the company.

Product overview

London CIV is an FCA-authorized LGPS investment pooling platform offering a comprehensive suite of investment products across public and private markets. The platform provides 20 public markets funds (ACS structure) including diverse equity strategies (global alpha growth, value, sustainable, emerging markets, Paris Aligned), fixed income products (global bonds, buy-and-maintain credit across duration profiles), and absolute return strategies. For private markets, London CIV offers EUUT-structured funds including the LCIV UK Housing Fund and MAC Fund, plus the LCIV London Fund (Scottish Limited Partnership) for property investments. All investments integrate ESG evaluation. The platform also includes LGPS PASS, a Pension Advisory and Support Service providing investment advice and strategic support to Partner Funds. Fund pricing is sourced from Northern Trust with daily, weekly, and monthly valuation updates. Partner Funds access services via a secure client portal.

Differentiator

Problem solved

Functional benefit

Brands

• LGPS PASS: Pension Advisory and Support Service - insight-led investment advice and results-driven support services for the LGPS community, including cash flow forecasting, climate analytics, triennial valuation support, strategic asset allocation, and strategy/policy support.
• LCIV UK Housing Fund

Products and services

• Public Markets Fund Range (ACS) A suite of 20 public markets investment funds operated through an Authorised Contractual Scheme (ACS), providing equity strategies (global alpha growth, global equity, global equity focus, sustainable equity, sustainable equity exclusion, global alpha growth Paris Aligned, global equity value, emerging market equity, core global equity, passive equity progressive Paris Aligned), an absolute return fund, and fixed-income strategies (global bond, long/short/all-maturities buy-and-maintain credit, and alternative credit). Available exclusively to London CIV's 33 LGPS Partner Funds.
• LCIV UK Housing Fund Private markets fund (EUUT structure) enabling Partner Funds to invest in UK affordable housing. Provides inflation-linked income, high occupancy, low void rates and low correlation to other real estate sectors. London CIV has deployed capital into CBRE UK Affordable Housing Fund, Octopus Affordable Housing Fund, Savills IM's Simply Affordable Homes Fund, Man Group's Community Housing Fund 3 LP, and Legal & General's Affordable Housing Fund, with cumulative Partner Fund affordable housing allocations exceeding £470m.
• LCIV MAC Fund A private markets fund providing multi-asset credit exposure, operated under the EUUT structure exclusively for Partner Funds.
• LCIV London Fund A property-focused fund operated as a Scottish Limited Partnership in partnership with LPPI (London Pension Pool), which provides day-to-day investment management for the structure. Available exclusively to Partner Funds.
• LGPS PASS (Pension Advisory and Support Service) Pension Advisory and Support Service providing insight-led investment advice and results-driven support to LGPS Partner Funds. Service modules include cash flow forecasting, climate analytics, triennial valuation support, strategic asset allocation, funding statements, treasury management, risk register management, governance/constitution documentation and responsible investment policies. Already adopted by approximately a quarter of Partner Funds.
• Partner Fund Client Portal Secure online portal providing Partner Funds with fund prices, holdings information, factsheets and account management capabilities, accessible via email/password authentication.

Quantifiable outcome

• Annual fee savings of 50%+ for boroughs adopting LGPS PASS services compared to traditional consultancy arrangements
• +2 more outcomes

Named customers34 records

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

18 partnerships are on record, tiered core and minor.

• Legal & General Affordable Housing (LGAH)coreStrategic or Co-development Partner · 3 February 2025London CIV made a £100m investment commitment into Legal & General's Affordable Housing Fund, bringing total London LGPS affordable housing investments to £470m. L&G's fund has raised £510m in second close, with portfolio of 514 homes operational and targeting 3,500-4,000 homes total.
• Man GroupcoreStrategic or Co-development Partner · 19 December 2024London CIV made a £100m anchor commitment into Man Group's Man RI Community Housing Fund 3 LP ('Man CoHo 3'), alongside £4m from the Church of England. This was the first close of the fund, expected to enable 350+ energy efficient affordable family homes to be built across the UK, targeting 1,000 homes with a £300m capital raise.
• The Church of England (Archbishops' Council)coreStrategic or Co-development Partner · 19 December 2024Joint anchor commitment of £104m (£100m London CIV, £4m Church of England) into Man Group's Community Housing Fund 3. The Church of England's Social Impact Investment Programme, established in 2020, focuses on housing, flourishing communities, and just energy transition.
• Savills IM's Simply Affordable Homes FundcoreStrategic or Co-development Partner · 1 March 2024London CIV committed £75m in March 2024 to Savills IM's Simply Affordable Homes Fund, as part of affordable housing investment strategy.
• Octopus Affordable Housing FundcoreStrategic or Co-development Partner · 1 November 2023London CIV committed £50m in November 2023 to Octopus Affordable Housing Fund as part of the LCIV UK Housing Fund.
• CBRE UK Affordable Housing FundcoreStrategic or Co-development Partner · 1 May 2023London CIV committed £100m in May 2023 to CBRE UK Affordable Housing Fund, with additional £45m secondary commitment in March 2024, as part of LCIV UK Housing Fund strategy.
• Northern TrustcoreTechnology or IntegrationNorthern Trust serves as Administrator, Registrar, Transfer Agent, and Depositary of the London LGPS CIV Authorised Contractual Scheme and other investment structures. The Northern Trust Company acts as Custodian.
• Federated Hermes EOScoreTechnology or IntegrationStewardship services provider engaged by London CIV to undertake engagement with companies and provide voting recommendations. Federated Hermes EOS provides quarterly engagement factsheets and voting statistics.
• LPPI (London Pension Pool)coreStrategic or Co-development PartnerLondon CIV partnership with LPPI in creating 'The London Fund', a Scottish Limited Partnership for property investments. LPPI provides day-to-day investment management for this structure.
• Brunel Pension PartnershipminorStrategic or Co-development PartnerCo-founder of Asset Owner Diversity Charter initiative, alongside Cambridge, Camden, NEST and Lothian pension funds, to develop formal actions to improve diversity across the investment industry.
• Climate Action 100+coreStrategic or Co-development PartnerInvestor initiative with 400+ investors and $35 trillion AUM to drive corporate action on climate change, engaging 100 systemically important emitters.
• LAPFF (Local Authority Pension Fund Forum)coreStrategic or Co-development PartnerLondon CIV is a pool member, tracking LAPFF guidance on voting and engagement for 100 companies, seeking opportunities for targeted investments.
• UN PRI (Principles for Responsible Investment)coreStrategic or Co-development PartnerLondon CIV is a signatory to UN PRI, committing to six guiding principles incorporating ESG issues into investment decision making and active ownership.
• TNFD ForumminorStrategic or Co-development PartnerJoined in 2022 to support biodiversity stewardship theme and disclosures as part of UN-backed Taskforce on Nature-related Financial Disclosures.
• Global Canopy (Deforestation Free Pensions Working Group)minorStrategic or Co-development PartnerActive member developing practical guidance for pension funds to eliminate deforestation and associated human rights abuses from investments.
• Investor Alliance for Human RightsminorStrategic or Co-development PartnerLondon CIV became a signatory and joined working groups on human rights issues in ICT sector and Uyghur region.
• ShareActionminorStrategic or Co-development PartnerActive participation in Good Work Coalition and Healthy Markets Coalition investor initiatives focusing on living wage, gender equality, and food system accountability.
• Marine Conservation SocietyminorStrategic or Co-development PartnerMicroplastics pollution engagement collaboration contributing to SDG 14 'Life under Water'.

Scale indicators14 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Local Pensions Partnership (LPPI): LGPS investment pool jointly owned by Lancashire and London Pension Funds Authority, operating ACS and EUUT fund structures similar to London CIV. Already partners with London CIV on The London Fund, making it a directly comparable peer on pooling structure and asset class coverage.
• Brunel Pension Partnership: One of the six FCA-regulated LGPS investment pools in England and Wales, serving local authority pension funds across the South West of England with a comparable pooling model, ACS public markets platform, and private markets funds. Most direct comparable to London CIV on structure, regulatory profile, and target client base.
• LGPS Central: Another FCA-regulated LGPS investment pool covering multiple Midlands-based Partner Funds with a similar pooled investment structure, ACS fund range, and focus on cost reduction for local authority pension schemes. Directly comparable peer on business model and customer segment.
• ACCESS Pool: Pool of 11 LGPS funds in the East and South East of England operating an ACS fund platform covering public and private markets, structurally analogous to London CIV with comparable FCA-regulated status and partner-fund ownership model.
• Wales Pension Partnership: LGPS pool for the eight Welsh local authority pension funds, operating pooled investment vehicles with similar cost-efficiency mandate. Directly comparable peer as the sixth and final FCA-regulated LGPS pool in England and Wales.
• Northern Pool (Teeside, Durham, etc.): LGPS investment pool covering North East England local authority pension funds with a comparable ACS-based pooled investment structure and Partner Fund governance model.

Broad incumbents

• NEST Corporation: UK government-backed workplace pension scheme with substantial AUM operating a pooled investment structure for retirement savers. Comparable as a large-scale UK institutional investment pool, though focused on DC workplace pensions rather than LGPS.
• Railpen: Investment manager for the railways pension scheme, operating pooled investment vehicles across public and private markets with comparable institutional client base and FCA-regulated investment company structure.
• Universities Superannuation Scheme (USS): Major UK occupational pension scheme with ~£75bn+ AUM operating in-house pooled investment management across public and private markets. Comparable as a large UK pension scheme investor, though not structured as an LGPS pool.
• Tesco Pension Investment: In-house investment manager for the Tesco Pension Scheme managing ~£12.9bn. Not an LGPS pool, but directly relevant as the prior employer of London CIV's new CIO Jenny Buck and incoming COO Danny Firth — and as a comparable institutional investment vehicle with similar FCA-regulated structure.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/london_civ
• Facebookfacebook.com/LondonCIV
• LinkedInlinkedin.com/company/london-lgps-civ-limited

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about London CIV