Credit: <\/span>Rhett Wyman<\/cite><\/p>\nBritish Prime Minister Rishi Sunak will announce the partnership on Monday as part of \u00a329.5 billion of new investment, as the world\u2019s A-list CEOs and investors arrive at a Global Investment Summit at Hampton Court Palace in south-west London.<\/p>\n
IFM, which has about $217 billion in assets, will sign an agreement with the UK\u2019s Department for Business and Trade to identify commercially viable opportunities. Potential projects include Nala Renewables, a UK-based portfolio company, which is actively seeking investment opportunities as it looks to achieve a renewable capacity target of four gigawatts by 2025.<\/p>\n
The group previously said it had cooled on making further significant investments in new UK infrastructure because to the high levels of uncertainty caused by Conservative government dysfunction and inefficient planning processes. Britain has also faced stiff competition from a turbocharged American market, where subsidies for infrastructure investment as a result of the Inflation Reduction Act have helped make it an attractive destination for investors.<\/p>\n
IFM Investors chief executive David Neal said the agreement reflected the appetite of Australian super funds to again invest in the UK market. The Australian pension system is worth about $3.5 trillion and expected to grow to about $9 trillion by 2040.<\/p>\n
Neal said that more capital would increasingly need to be deployed in aligned economies such as the UK, with the agreement to provide greater understanding of policy priorities.<\/p>\n
\u201cOur presence in the UK continues to grow, and we look forward to working closely with the government to drive investment into large-scale infrastructure and energy transition projects across equity and debt funding,\u201d Neal said. \u201cPartnerships between governments and long-term investors are necessary to unlock the potential of pension funds to invest in system-level risks such as climate change.\u201d<\/p>\n
IFM Investors, which is owned by 19 Australian industry-wide pension funds, opened an office in London in 2006 and continues to grow its presence in the UK, including through infrastructure equity and debt, such as investments in major toll roads, utilities and airports, and extensive portfolio of loans to UK-based infrastructure and energy transition businesses and projects.<\/p>\n
The agreement is an increase on IFM\u2019s commitment last year to invest \u00a33 billion in its UK-based infrastructure portfolio assets, which the investment fund said was on track to meet.<\/p>\n
In a further boost from Australian funding, Aware Super will also commit more than \u00a35 billion for projects in energy transition, affordable housing, life sciences, innovation, technology and digital infrastructure, just days after opening a UK office.<\/p>\n
Aware Super chief executive Deanne Stewart said the UK was one of the world\u2019s most important and vibrant capital markets and the benefits arising from the recently completed Australia-UK trade deal and support from both the UK government and the City of London were compelling factors in the fund\u2019s decision to invest.<\/p>\n
The summit will also see billions for the UK\u2019s burgeoning tech sector, which already attracts the highest levels of investment in Europe and last year became the third in the world to be worth $1 trillion.<\/p>\n
UK Business and Trade Secretary Kemi Badenoch said the transformative investments had been secured for projects in tech, life sciences, infrastructure, housing and renewable energy \u2013 creating thousands of new jobs and driving growth across the country.<\/p>\n
Get a note directly from our foreign <\/i><\/b>correspondents <\/i><\/b>on what\u2019s making headlines around the world. <\/i><\/b>Sign up for the weekly What in the World newsletter here<\/i><\/b>.<\/i><\/b><\/p>\nMost Viewed in Money<\/h2>\nFrom our partners<\/h3>\n
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