LifeSight, a £24 billion AUM defined contribution (DC) master trust, has committed to investing £450 million in the Schroders Greencoat Global Renewables+ Long-Term Asset Fund (LTAF). LifeSight, a multi-employer pension trust operated by pensions services provider WTW, will include the new strategy in its core default funds, which are available to 430,000 beneficiaries.

The strategy invests in a diversified portfolio of renewable energy and energy transition-aligned infrastructure assets, including large-scale batteries, energy-efficient heat networks and green hydrogen projects. It targets returns slightly above those of listed equities, offering LifeSight members exposure to high-quality energy transition investments in the UK, Europe, US and other OECD countries.

“This strategic investment underscores LifeSight’s commitment to sustainable and responsible investing, aligning with global efforts to transition to renewable energy sources, with the aim of delivering strong pension outcomes for members,” said Andrew Doyle, Lead Investment adviser for LifeSight,

In May, LifeSight was one of several UK-based pension schemes to sign the Mansion House Accord, committing to invest 10% of growth assets in unlisted private markets. “This is a welcome step to invest more in infrastructure, especially energy infrastructure projects,” said Pensions Minister Torsten Bell.

Major real estate asset managers are failing to report portfolio emissions accurately, according to a new benchmark report, undermining their decarbonisation commitments and leaving institutional investors exposed to financial risks. An analysis of public disclosures by 16 firms with a combined $166 trillion in real estate AUM by responsible investment campaign group ShareAction found that two thirds did not include construction-related emissions in their commitments.

The study, titled ‘Built to Last’  revealed sharp contrasts between leaders – such as Nordic firm Nrep which was top-ranked and met all 12 of the climate action standards set by ShareAction – and laggards such as Blackstone, Starwood Capital and Greystar, which failed to achieve any. Six investment managers had not set interim carbon reduction targets, including four firms that had made a net zero commitment; several failed to disclose the proportion of their assets covered by interim targets.

Few firms had disclosed portfolio-wide targets on energy efficiency that covered landlord and tenant energy use, nor was it clear what steps were being taken by managers to address the impacts of decarbonisation on tenants, communities, or supply chains. ShareAction said the survey revealed a “concerning lack of transparency” from real estate managers on portfolio emissions despite having made public climate commitments.

“The construction and operation of buildings account for a staggering third of global emissions, creating financial risks that managers must take seriously. The asset owners they act on behalf of, including pension funds, are relying on them to do so,” said Senior Research Manager Aidan Shilson-Thomas.