Mr. Smith announced the investment on 11 March 2015 at the National Association of Pension Funds annual investment conference, held in Edinburgh, Scotland. The total amount invested has not been disclosed. He stated:
"I'm pleased to say that my scheme has become the latest pension fund to become an investor in the PIP."
PIP currently has about £330 million (US$486.3 million) in assets under management, of which £255 million (US$375.8 million) are invested in public private partnership (PPP) projects. The platform is managed by Dalmore Capital, an independent fund management company.
The PIP was launched with a target of raising £2 billion in 2011 by the UK National Association of Pension Funds (NAPF) to make infrastructure investment more accessible to UK pension funds.
Tesco has become the fund's eighth pension fund investor along with BAE Systems Pensions, the BT Pension Scheme, the Pension Protection Fund and the Railways Pensions Scheme, among others.