Buckinghamshire Pension Fund is considering becoming a shareholder in the London CIV (Capital Investment Vehicle), an investment pool for London local authority pension funds. This move comes as ministers have instructed the 21 Partner Funds in the Access and Brunel pools to select alternative approved pools to meet their investment needs, with an 'in-principle' decision deadline of 30 September 2025.
The government has expressed support for maintaining only six out of the eight Local Government Pension Scheme (LGPS) investment pools. Access and Brunel's business cases under the 'Fit for the Future' framework were judged not to meet the government's vision for the LGPS.
The London CIV's strategy is to focus on the existing 32 London Funds, and this has been evident in the increased engagement between the London CIV and partner Funds with regards to implementing their Fit For Future Plan.
Buckinghamshire Pension Fund (BPF) made a formal approach to join the London CIV on 11 September 2025, which was promptly reported to the Society of London Treasurers on 12 September 2025. BPF needed to provide an 'in-principle' decision to the government by 30 September 2025.
In February 2025, London CIV submitted its 'Fit for the Future' plan to the government, addressing core minimum standards, including acting as the principal source of advice on Partner Funds' investment strategy, transferring all assets to London CIV management by March 2026, and fully delegating investment strategy implementation to London CIV.
In May, the government confirmed its support for London CIV's proposals, commending the collaboration within London. However, Partner Funds of Brunel and Access have been undergoing due diligence on other pools, leading to Buckinghamshire Pension Fund's approach to the London CIV on 11 September 2025.
