Border to Coast exists to make a difference for the LGPS. We do this by working in partnership with partner funds to deliver sustainable success. Our collaborative culture extends to working with partners across the LGPS and investment industry and enables us to blend internal expertise with external management to develop a suite of investment propositions. These are focused on delivering strong and sustainable returns to support partner funds in paying pensions to the 1.1 million members now, and long into the next century.
Opening up real estate opportunities
In October 2024 Border to Coast launched the UK Real Estate Main Fund to enable partner funds to cost-effectively access the strong investment opportunity in quality UK property.
A recent seeding window brought £430 million of fresh capital which will be deployed into high-quality real estate, expanding partner fund exposure to this significant and well diversified portfolio. For some partner funds, this is their first chance to gain exposure to this asset class.
Alistair Smith, head of UK real estate at Border to Coast comments: “The UK Real Estate proposition is a collective endeavour and a shining example of how pooling can benefit LGPS funds. It provides new capabilities and access to a highly diversified investment portfolio with the benefit of an experienced, professional internal team working solely to make a difference for the scheme.”
Expanding partnership, expanding opportunities
In August we announced that seven funds – Cambridgeshire, East Sussex, Essex, Hertfordshire, Kent, Northamptonshire, and West Sussex – had confirmed their intention to join Border to Coast. Our partnership has been working tirelessly to ensure collaboration, people and strong governance remain the foundations of our expanded partnership.
With 18 partner funds and over £110 billion in assets, our greater scale will bring exposure to new opportunities. Our partnership will be able to build on the collective experience and capabilities of all funds to not only strengthen our collective voice, but enhance our combined ability to deliver robust, sustainable, and cost-effective outcomes.
Our Annual Conference in late September further solidified our partnership’s culture and values, and at the time of writing (early October), we are in a strong position for a smooth transition to meet the timeline for the Fit for the Future process.
Fireside chat with Rachel (Elwell) and Rachel (Lord)
In September our partnership came together for our Annual Conference. With two days of insightful talks from experts across the partnership, one highlight was our CEO Rachel Elwell and Rachel Lord, Head of International at BlackRock, discussing the benefits – and risks – of our expanding partnership. Lord shared wise words about common culture, organisational values and open communications being critical to successful consolidations in any sector.
The duo discussed the incredible opportunity that scale affords to work further with policymakers to shape positive outcomes for the LGPS and scheme members. Lord went on to share her thoughts on the factors that will define our industry and the global economy over the coming years, including private markets, AI and the systematic investment.
Fund facts
- Seeded with 65 properties from three partner funds in October 2024
- By September 2025, the fund held 96 properties following the transition of Teesside Pension Fund’s £396 million real estate portfolio
- Fund totals £2 billion in assets with £430 million of fresh capital from partner funds
Further reading
Border to Coast’s UK real estate fund hits £2 billion
Border to Coast confirms pool expansion
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