Published: February 2, 2026
We are pleased to announce the launch of a new pooled global credit fund, expanding the range of options available us in meeting Partner Funds’ needs within our fixed income offering.
The fund has been developed to sit alongside our existing pooled credit funds, expanding our range of options and providing greater flexibility in access to high-quality credit markets.
The fund will be managed in partnership with three specialist global credit managers, Capital Group, J.P. Morgan Asset Management and Neuberger Berman, each appointed for their depth of experience across developed market investment grade credit and their ability to operate within LGPS Central’s pooled and governance framework.
We already offer an actively managed investment grade credit fund with a significant sterling component, reflecting the need to see closer alignment with UK liabilities and domestic market exposure. The new fund has been designed to complement this approach by providing access to a broader global investment grade universe, tailoring credit allocations more precisely to individual Fund objectives.
The global investment grade credit universe is large and highly liquid, with an estimated market size of approximately US$13 trillion. US dollar and European credit markets in particular offer advantages in terms of depth, liquidity and lower dealing costs, which are important considerations for pooled vehicles operating at scale.
Together, the two funds are intended to support different portfolio construction needs, with the additional sub fund providing greater diversification across global issuers and sectors. The availability of both funds will enable the pool to adopt a blended approach within their wider fixed income allocations, combining strategies as appropriate for each Partner Fund.
The new fund will sit within our established fixed income framework, which is designed to balance resilience, diversification and liquidity across different market environments. Active management will play a central role, reflecting the belief that disciplined security selection and risk management are essential to navigating credit markets through the cycle.
Mark Davies, said:
“By partnering with three experienced global credit managers within a single pooled structure, we are able to combine differentiated active approaches with consistent oversight, scale and governance, while continuing to maintain flexibility in how we access global credit markets on behalf of our Partner Funds.”
As with all pooled funds, the new fund has been developed in close engagement with Partner Funds and with a strong focus on governance, transparency and scalability. Responsible investment considerations are integrated throughout, in line with our wider approach to stewardship and engagement.
The launch forms part of broader work to ensure pooled investment platform remain responsive to the needs of both founding and newer Partner Funds, while maintaining a clear and coherent range of funds that support flexible and effective long-term portfolio construction.
