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In brief: Brunel selects ‘climate-aligned’ managers for £2.1bn credit mandate

UK pension partnership selected managers who ‘showed awareness’ of portfolio companies’ alignment to the Paris Agreement

It isn’t private markets, but: Brunel Pension Partnership, which pools capital for 10 local government pension schemes, has selected three managers for a £2.1 billion ($2.89 billion; €2.45 billion) multi-asset credit strategy.

Neuberger Berman, Oaktree Capital and CQS were selected because they “showed awareness of whether companies are aligned with the Paris Agreement” and are aligned with Brunel’s climate change policy, the UK pension said in a statement today.

This pool of capital – which will be invested in publicly traded debt – is separate from the £945 million private debt commitment managed by investment consultant Aksia, which Brunel said aims to “push the boundaries of responsible investment in direct lending.” Brunel manages assets totalling £30 billion.