Mark Hepworth at The Good Economy and Nigel Wilcock at the Institute of Economic Development presented the PBII (Place-Based Impact Investing) Innovation Lab connecting local projects around the UK to enhance local economic, environmental and social impact with investors. This was about marrying investor objectives with the needs of people in places.
The presentation was followed by a panel discussion with Charlotte O’Leary at Pensions for Purpose, Ken Hunnisett at Triple Point and Pete Gladwell at Legal & General.
The breakout sessions were used to present a specific local project, led by local stakeholders and the Q&A will be facilitated by Triple Point and Legal & General.
In the usual way, we regrouped and then our sponsors shared some of the insights from the breakout room discussions before Charlotte O’Leary wrapped the session up.
The outcomes from this session and broader work of the PBII Forum will be used to help shape the work of the lab.
Who was this event for?
This event was suitable for anyone involved in the governance or management of pension fund assets or other pools of assets, asset managers, and other stakeholders actively engaged and interested in the PBII opportunity. For example, trustees of corporate defined benefit and defined contribution pension plans, LGPS pensions managers and committee members, in-house pension teams, legal, actuarial and investment advisers, asset managers particularly in private capital markets, other investment service providers, local government representatives and other stakeholders involved in developing PBII opportunities.
The agenda for this online interactive discussion was:
A passionate advocate for the role private capital needs to play in driving out place-based inequalities and levelling-up communities, Ken leads Triple Point Heat Networks Investment Management; a multi-disciplinary team comprised of in-house energy infrastructure expertise and external professionals, all with deep, low-carbon heating sector specialisms.
His team were the delivery partner to the Department for Business, Energy and Industrial Strategy for the Heat Network Investment Project, a £320m fund to accelerate the growth in district heating development and have recently been chosen to partner with Government again, in managing the £270m Green Heat Network Fund.
Mark Hepworth, Co-Founder, The Good Economy
Mark Hepworth is Director of Research and Policy and Co-Founder of The Good Economy (TGE). He leads TGE’s work on place-based impact investment and economic development. Mark has more than 35-years of international and UK economic development experience in a career spanning academia, commercial consultancy and public policy. He set up the UK’s first Knowledge Economy Network which brought IT and telecoms companies together with central and local government to develop place-based e-business and e-government solutions. This type of bridge-building – local/global, market/policy – characterises Mark’s present work on financial innovation and economic development. It is reflected in the social assessment methodology behind the Columbia Threadneedle Social Bond Fund, the Good Job Ratings for asset managers in public markets and social value reports for private equity investors. In 2021-22, Mark co-authored the TGE white paper ‘Scaling-up institutional investment for place-based impact’, the Scottish Government report ‘Business-led inclusive growth’ and the IPR University of Bath report ‘Bath beyond 2020’.
Pete Gladwell, Group Social Impact & Investment Director, L&G
After an erstwhile life as a Youth Worker, Pete joined Legal & General in 2007, launching a new generation of property funds focussed on liability matching and Defined Contributions pension schemes, and L&G’s partnerships with NEST and PGGM, which total over £5bn. In 2015, Pete moved to lead L&G’s investments with the Public Sector - including the Cabinet Office, Combined & Local Authorities, NHS, Housing Associations and Universities - which now total over £6bn.
Pete continues to lead on public sector investments, as part of a broader remit to identify and drive strategic investments and initiatives through which L&G can use its resources to benefit society. This includes L&G’s partnership with Sir Michael Marmot to address health inequality.
Pete holds an MA from Brasenose College, Oxford in Computation, the IMC, and is a Fellow of the Royal Society of the Arts and Honorary Professor at University College London.
Pete is heavily involved in local community projects in Harlesden, west London and a Trustee of the Fairness Foundation, the Institute of Community Studies, and the Young Foundation, which works to create a more equal and just society through social innovation.
Nigel Wilcock, Executive Director, The Institute of Economic Development
Nigel is the Executive Director of the Institute of Economic Development and Director of Advisory Firm Mickledore. He has worked for 30 years on the role of privatesector investment in helping to shape places and drive regional economies. This included 10 years at EY where he was Regional Director and UK spokesperson on inward investment. In the recent past he has worked on projects linked to driving investment for five of the eight English core cities. Based in NW England he also holds a position on the Governing Body of the University of Salford.
The Place-Based Impact Investing Forum
The Place-Based Impact Investing Forum was established by Pensions for Purpose and The Good Economy to help pension funds and other asset owners make informed decisions about place-based investments. We do this by sharing place-based-related thought leadership written by our Influencer members (asset managers, consultants and lawyers), by running training workshops for trustees and by engaging in industry-wide conversation through our quarterly all-stakeholder and asset-owner events. To find out more here. The Forum is sponsored by Triple Point and Legal & General.
To join the Place-Based Impact Investing Forum please email Charlotte O’Leary.
Pensions for Purpose
Pensions for Purpose exists as a bridge between asset managers, pension funds and their professional advisers, to encourage the flow of capital towards impact investment. Our aim is to empower pension funds to seek positive impact opportunities and mitigate negative impact risks. For membership information, please email Charlotte O’Leary.