GP Investing

Our approach

For the past decade, we have been providing expertise and private capital to high growth asset managers and sector-specialists within the alternatives industry.

Through our GP investing programme, we are partnering with and providing direct equity investment to acquire significant minority ownership positions in General Partners (GP). Through partnership, we accelerate the growth of mid-size private asset managers, providing institutional rigour and an ecosystem of relationships and insight whilst offering partners the autonomy and space to grow.

Our partners continue to drive their own businesses, giving them the independence and autonomy to deliver their business plan whilst benefitting from our expertise, institutional rigour, and access to capital.

Through strong collaboration from the outset, we seek to understand our partners’ goals before providing appropriate guidance, insights, and introductions to the wider Legal & General network of partners.

In return we seek to:

Generate insight and access new sectors and strategies

Achieve diversification of our capital allocations, creating attractive risk-adjusted returns for shareholders

Support the growth of scale up businesses

Our partners

Pemberton

We joined forces with Pemberton, a leading multi-strategy alternative credit manager, offering a diversified range of strategies for investors and borrowers. In 2014, Legal & General acquired a 40% equity stake to scale Pemberton’s private credit asset management platform and to accelerate the deployment of capital lending to mid-market businesses across Europe.

Since then, Pemberton has built one of Europe’s leading diversified alternative credit platforms with 160+ dedicated professionals based across its locations in the UK, France, Germany, Spain, Dubai, Benelux, the Nordics, and the US. In 2022, Pemberton added three new complimentary investment strategies to its direct lending and Working Capital Finance platform, including NAV Financing, Risk Sharing and CLOs.

Pemberton has a wide-ranging global investor base and have built long-term partnerships with insurance companies, corporate and public pension funds, sovereign wealth funds, family offices, private wealth managers, and other institutional investors.

The combination of LGC’s long-term partnership approach and expertise combined with Pemberton’s first-class management team, superior credit analysis and local market expertise with an integrated investment approach to sustainability has been central to the successful growth and scaling of the firm, as evidenced by the growth in AUM to exceed $20.5bn and capital deployed across 120+ companies since inception.

^*as of 31st October 2023

NTR

NTR Asset Management Europe is a specialist sustainable infrastructure manager established to invest in the construction and long-term operation of wind farms, solar plants, and battery storage assets across the UK and Europe.

We partnered with NTR in 2016, at a point when NTR first began acquiring and managing renewable energy investments on behalf of institutional investors. Our collaborative, long-term approach has been central to the successful growth of NTR.

Legal & General Capital has supported the scale-up and success of the platform, through its specialist clean energy business, which has been a cornerstone investor in all three of NTR’s funds, to build new renewable energy assets that already deliver significant volumes of green electricity to power homes and avoid carbon emissions.

In 2021, Legal & General, Legal & General Investment Management (LGIM) and NTR embarked upon a strategy to address the climate emergency and provide institutional investors in the UK, Europe, and Asia access to the €1-trillion European energy transition in 2022. It combines LGIM’s 50-year experience in real assets and NTR’s 20-year expertise in renewables. Legal & General Capital participated as one of the cornerstone investors, with the fund announcing its first asset acquisitions at the beginning of 2023.

ImpactA

In March 2023, we invested into ImpactA Global, a new women-led Impact asset management firm, to support ImpactA in building its business deploying capital which finances sustainable emerging market infrastructure projects.

The ImpactA founding management team has over one hundred years combined experience of investing throughout global emerging markets.

ImpactA Global is seeking to catalyse investment in climate transition and sustainable infrastructure, bridging funding gaps to unlock critical investment that will aid the climate transition and help address inequalities across Emerging Markets. ImpactA’s mission and target sectors are squarely aligned with Legal & General’s own sustainability goals.