Northern LGPS

What Northern LGPS does

Northern LGPS is a UK Local Government Pension Scheme investment pool formed in 2016 (as 'Northern Pool') as a partnership between three of the largest funds in the LGPS in England and Wales: Greater Manchester Pension Fund (GMPF), Merseyside Pension Fund (MPF), and West Yorkshire Pension Fund (WYPF). It is one of Britain's largest public investment funds with combined assets under management of approximately £61–62.7bn (as of 31 December 2024), representing about a fifth of total LGPS assets. The pool serves approximately 870,000 pension members and over 1,200 contributing employers through the three partner funds, with the stated purpose of ensuring assets perform effectively so members can enjoy retirement in dignity.

The pool operates several specialised investment vehicles: GLIL Infrastructure (a £2.5bn joint infrastructure investment platform with LPPI covering renewable energy, energy storage, water, ports, rail, and digital infrastructure), Northern Private Equity Pool LP (a pooled private equity vehicle), the PRS Holdco joint venture with LPPI (5,478 single-family homes acquired in October 2025 for £1.1bn with plans to add 15,000+ homes over 10 years), and an affordable housing allocation through PGIM Real Estate. Internally, Northern LGPS manages £18bn of equity, bonds and cash with internal oversight of £16.5bn in private markets. Over £26bn (43%+ of assets) is invested in UK-domiciled opportunities, the highest proportion among LGPS pools.

Northern LGPS is a non-profit public sector entity with no commercial revenue model; pricing is internal and not publicly disclosed. The pool has generated net savings of over £216m since inception in 2017, with total investment cost of 38.4bps benchmarking competitively by international standards (CEM). It outperformed its composite benchmark by 0.9% over the three years to 31 March 2024, adding over £500m in value. Governance is provided through a Joint Committee comprising representatives from the three partner funds. The pool publishes annual reports, quarterly stewardship reports, an annual Responsible Investment Policy (committing to Paris Agreement alignment and net zero by 2050), and publicly discloses proxy voting records through PIRC.

Name

Northern LGPS

Legal name

Northern LGPS

Website

https://northernlgps.org

Company type

Private

Founded year

2016

Operating status

Operating

Short description

Northern LGPS is a UK Local Government Pension Scheme investment pool formed in 2016, combining assets from the Greater Manchester, Merseyside, and West Yorkshire pension funds into a single ~£62.7bn vehicle serving roughly 870,000 members and over 1,200 contributing employers.

Ownership category

akta.pro rank

Product category

Public Pension Fund Pooling

NAICS

Pension Funds (52511), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Corporate & Public Pension Funds (DB/DC Sponsors) (FSAAAGAA)

akta.pro secondary industry

Evergreen / Open-Ended Multi-Manager Platforms (FSANAGAM)

Keywords

• Pension fund pooling
• Public sector investment
• Infrastructure investment vehicles
• Local government pensions
• Asset pooling services

Headquarters

HQ city

Droylsden

HQ country

United Kingdom

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Revenue model

1. Investment Management Services: Northern LGPS provides pooled investment management services to its partner pension funds (GMPF, MPF, WYPF). Revenue is generated through management fees on pooled assets under management. The pool generates cost savings of 38.4bps in total investment costs compared to international benchmarks, delivering net savings of over £216m since inception in 2017.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Northern LGPS is a government-mandated Local Government Pension Scheme (LGPS) investment pool that combines assets from three partner funds: Greater Manchester Pension Fund (GMPF), Merseyside Pension Fund (MPF), and West Yorkshire Pension Fund (WYPF). It manages combined assets of approximately £61-62.7 billion through pooled investment vehicles covering infrastructure, private equity, real estate, and affordable housing, serving 870,000 members and over 1,200 contributing employers.

Product overview

Northern LGPS is a single, unified investment pooling arrangement (not a modular platform) that combines assets from three Local Government Pension Scheme funds: Greater Manchester Pension Fund, Merseyside Pension Fund, and West Yorkshire Pension Fund. With combined assets of approximately £61 billion, it operates several specialized investment vehicles including GLIL Infrastructure (infrastructure), Northern Private Equity Pool LP (private equity), and housing investment portfolios through joint ventures with LPPI. The pool provides stewardship services including proxy voting, responsible investment policy implementation, and investment benchmarking, serving approximately 870,000 members across 1,200 contributing employers.

Differentiator

Problem solved

Functional benefit

Products and services

• Northern LGPS Investment Pool
• GLIL Infrastructure Fund
• Northern Private Equity Pool LP
• PRS Holdco Housing Portfolio
• Flexion Energy Investment
• PGIM Real Estate Affordable Housing Fund

Named customers3 records

Segments1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature2 records

Partnerships

Eleven partnerships are on record, tiered core and minor.

• Local Pensions Partnership Investments (LPPI)coreStrategic or Co-development Partner · 12 October 2025Joint venture partnership for large-scale UK housing and infrastructure investments. Together acquired PRS Holdco (operating arm of PRS REIT) for £1.1bn, bringing 5,478 single-family homes under joint ownership. Planning to deploy additional £1bn to expand portfolio by 15,000+ homes over 10 years. Also collaborate via GLIL infrastructure vehicle.
• PRS REITminorOthers · 1 January 2025Acquisition target. Northern LGPS and LPPI acquired PRS Holdco, the operating arm of PRS REIT, bringing 5,478 single-family homes across 71 sites in England, Scotland and Wales under joint ownership for £1.1bn.
• PGIM Real EstateminorStrategic or Co-development Partner · 1 February 2021Northern LGPS made initial £150m investment into PGIM Real Estate's open-ended Alternative Investment Fund that invests in and develops new affordable homes across the UK. Investment aims to help alleviate supply and demand imbalance in affordable housing sector while targeting acceptable net returns.
• GLIL InfrastructurecoreStrategic or Co-development Partner · 1 January 2021£2.5bn infrastructure fund backed by Local Pensions Partnership and Northern LGPS. Investments include renewable energy (Clyde Windfarm, Forth Ports), energy storage (Flexion Energy), utilities (Anglian Water), transportation (Rock Rail trains, Agility Trains East), and digital infrastructure (Smart Meter Assets). LPPI and Northern LGPS co-founded this asset owner-led infrastructure vehicle to keep costs low.
• ion VenturescoreStrategic or Co-development Partner · 1 January 2021Joint venture partner for Flexion Energy investment. GLIL invested £150m in Flexion, a specialist utility and energy storage infrastructure company, to develop, build, own and manage energy storage systems in the UK. ion Ventures provides development, operational and asset management services.
• NestminorStrategic or Co-development Partner · 1 January 2021GLIL Infrastructure was appointed as infrastructure investment partner for Government-established workplace pension provider Nest. This expands GLIL's investor base and mandate.
• Make My Money MatterminorGTM or Marketing Partner · 1 October 2020Partnership as Make My Money Matter pledge partner supporting sustainable investment. Aligns with Northern LGPS commitment to invest 100% of assets in line with Paris Agreement on climate change and net zero by 2050. Collaboration raises awareness for pension members on where their pensions are invested.
• Northern GritstoneminorStrategic or Co-development PartnerInnovation investment supporting new businesses emerging from world class universities through investments. Part of innovative investments that benefit partner funds and the wider UK.
• Rebalance EarthminorStrategic or Co-development PartnerInvestment in nature-as-a-service through collaboration. Part of innovative investments supporting environmental sustainability.
• National Wealth Fund (NWF)minorStrategic or Co-development PartnerCurrently collaborating with National Wealth Fund to develop proposal for investing in a District Heating Network in Liverpool. Pool previously supported project's development phase by providing loan financing.
• Brunner Pension PartnershipminorStrategic or Co-development PartnerCo-investment partnership. Brunel and Northern LGPS together invested in PGIM Real Estate's affordable housing fund to help alleviate supply and demand imbalance in the UK affordable housing sector.

Scale indicators15 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• London CIV (Collective Investment Vehicle): London CIV is the LGPS pool for 32 London borough funds and the City of London Corporation. It directly competes with Northern LGPS in the UK LGPS pooling market with similar pooling services across listed and private markets, though London CIV is sub-scale relative to Northern LGPS.
• LGPS Central: LGPS Central is the pool for eight Midlands-based administering authorities (including West Midlands Pension Fund and Staffordshire Pension Fund). It is a direct competitor operating the same multi-manager LGPS pooling model with comparable pooled fund offerings.
• Border to Coast Pensions Partnership: Border to Coast is one of the largest UK LGPS pools, pooling assets from 11 LGPS funds including Bedfordshire, North Yorkshire and Tyne & Wear. It directly competes for scale and capability in LGPS asset pooling, offering similar pooled sub-funds in private markets, infrastructure and listed assets.
• ACCESS (Pool): ACCESS is the LGPS pool for 11 administering authorities in the East and South East of England (including Cambridgeshire, Essex, Kent and Hampshire). It is a direct peer in the UK LGPS pooling landscape with the same multi-manager structure and asset class coverage.
• Brunel Pension Partnership: Brunel is one of the eight UK LGPS pools, pooling assets for administering authorities in the South West. It is a confirmed co-investment partner with Northern LGPS on PGIM Real Estate's affordable housing fund. Brunel operates the same multi-manager LGPS pooling structure with similar stewardship and responsible investment commitments.
• Local Pensions Partnership Investments (LPPI): LPPI is the pooling vehicle for the Local Pensions Partnership (LPP), serving London Pension Fund Authority and Lancashire County Pension Fund. It is Northern LGPS's closest direct joint venture partner, co-founding GLIL Infrastructure (£2.5bn) and co-acquiring PRS Holdco (£1.1bn). Both pools operate the same multi-manager pooling model for LGPS funds with comparable governance and mandates.
• Wales Pension Partnership: Wales Pension Partnership is the LGPS pool for all eight Welsh LGPS funds, operating the same pooling model mandated by UK government. It is a direct peer in size, structure, and asset class coverage though smaller in AUM than Northern LGPS.

Regional players

• Greater Manchester Pension Fund (GMPF): GMPF is one of Northern LGPS's three partner funds and the largest LGPS fund by AUM in England and Wales (c. £30bn+ as a constituent of Northern LGPS's £62.7bn). As a constituent member, GMPF is not a direct competitor but rather a constituent - included for completeness to clarify the parent-fund structure underlying Northern LGPS.

Broad incumbents

• Universities Superannuation Scheme (USS): USS is the principal occupational pension scheme for UK universities with over £80bn AUM and 500,000+ members. While not an LGPS pool, it is a comparable large-scale UK DB pension scheme with similar long-duration liability profile, internal investment management capabilities, and responsible investment commitments.
• National Employment Savings Trust (NEST): NEST is the UK government's workplace pension scheme with over £30bn AUM serving ~13 million members. GLIL Infrastructure (co-founded by Northern LGPS and LPPI) was appointed as NEST's infrastructure investment partner, making NEST both a comparable institutional UK pension vehicle and a real distribution channel for Northern LGPS's infrastructure capabilities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/northern-lgps

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries3 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 Northern LGPS