The fundraising – that came from GLIL’s whole membership consisting of Local Government Pension Schemes (LGPS) and defined contribution funds including government-backed master trust Nest – takes the fund’s total committed capital to £4.1bn.

The infrastructure investment vehicle has so far deployed more than £3bn across core infrastructure assets covering renewable energy production, energy transition infrastructure, transport, water, ports, schools and hospital.

The fund said its continued contribution to the energy transition is aiding the move to a net-zero economy.

Chief operating officer Ted Frith said: “This latest endorsement from members, of what GLIL has achieved to date, reflects their commitment to UK infrastructure as an asset class. Pension funds play an increasingly important role in driving more investment into infrastructure assets, and our recent survey shows that nearly two-thirds of UK pension fund leaders expect to increase their investment in this area over the next year.

“As well as offering reliable, inflation-linked returns, infrastructure investment is critical to the UK’s energy transition, supporting local communities and powering the economy. With the help of our LGPS members and Nest, we will be able to capitalise on a strong pipeline of new investment opportunities that provide reliable returns for many years to come.”

Nest head of private markets Stephen O’Neill noted: “At Nest, we’re delighted to be expanding our investments in UK infrastructure. We see fantastic opportunities to put our members’ money to work in projects right here on their doorstop, while helping grow their pension over the years to come. It’s a win-win situation.

“Our partnership with GLIL is one of many we’ve set up to invest in the UK. A third of the UK workforce has a pension with Nest and where we can, we want to help invest in their jobs, their communities, and the infrastructure they use.”