The UK Pensions Infrastructure Platform yesterday confirmed that it has received Financial Conduct Authority (FCA) authorisation as a full-scope UK AIFM.

This will enable PiP to begin directly managing assets on behalf of investing pension schemes.

Commenting, Mike Weston, Chief Executive of PiP said:

“PiP has already mobilised commitments to invest £1 billion, half way to its original target of investing £2 billion in UK infrastructure by UK pension funds. PiP initially established itself in the market by partnering with other fund managers, but FCA authorisation provides the foundation for the next stage in our growth – the launch of our first multi-strategy infrastructure investment fund managed internally by PiP, which will aim to provide the long-term, low risk, inflation-linked cashflows that UK pension schemes continue to seek.

“Authorisation marks a fantastic start to 2016 for PiP which we are confident will further encourage and facilitate investment in infrastructure from UK pension schemes, both large and small, corporate and public sector.”

Alan Rubenstein, Chief Executive of the Pension Protection Fund (PPF), one of PiP’s Founding Investors, said:

“We are delighted to see PiP reach this important milestone in its development. We look forward now to the formal launch of PiP’s multi-strategy fund.”

Joanne Segars, Chair of PiP, commented:

“PiP was established by pension schemes for pension schemes of all sizes to invest in infrastructure, and we are thrilled at the progress PiP’s made. We are looking forward to the next phase of PiP’s development to become the fully-fledged infrastructure investment manager originally envisioned by the Founding Investors.”