Blended finance structures have long been important in delivering impactful investments. They can bring together public and/or philanthropic capital with private capital, to help make projects investable for commercial investors, and is a significantly more effective way to put public or philanthropic capital to work, driving capital towards innovation.
There remains a substantial financial shortfall to meet the UN sustainable development goals and address climate change. It is estimated around $5tn per year will be required over the next five years. Blended finance could be an essential part of the solution to closing this gap, especially if it moves beyond pilot transactions to structures capable of absorbing large pools of institutional capital. Presently, blended finance mobilises well under $100bn annually, emphasising a significant mismatch between global needs and capital deployment at scale.
For pension funds and insurers managing trillions in long-term assets, there is a bigger set of needs and challenges that need addressing beyond the usual blended finance risk-mitigating instruments, provided by public and philanthropic capital through guarantees. These needs and challenges span from internal capacity building to tackling the perception risk, which need to be overcome in order to mainstream investible, repeatable opportunities aligned with fiduciary risk-return requirements. If these measures are addressed, there is scope to materially accelerate impact across climate, infrastructure and inclusive growth.
In this event we plan to explore how blended finance can work for pension schemes and insurers – and in particular, how we can create structures which can help access the capital needed in the UK and beyond, for our energy transition and other sustainable growth goals.
We will be focusing on the ‘Green Transition Fund’ model, which we have been working on with the Green Finance Institute, setting further details on how the GTF model can be taken forward and how we can take collective action as a community to do this.
Who should attend?
This event is open to all our members. If your organisation is yet to join Pensions for Purpose you may attend an event before deciding whether to sign up, so please register for a trial session.
Speakers
Dr Darryl Murphy, Head of Infrastructure - Private Markets, Aviva Investors
Darryl is responsible for infrastructure transactions for the infrastructure equity and debt strategies and a portfolio of around £11bn of debt and equity investments across the UK and Europe.
Darryl has over 27 years’ experience in infrastructure financing and investment, having also worked at Hambros, SG, Newcourt Capital, RBC, HSBC. He was also a partner at KPMG within Infrastructure Advisory. He has structured, advised and arranged on a wide number of projects globally and is recognized of one of the leading experts within the infrastructure financing market. Darryl holds a PhD in Mathematics from Exeter University and is the current UK council chair of the International Project Finance Association.
Steven Penketh, Senior Consultant to the CEO, Green Finance Institute
Steven has over 30 years’ experience in the financial services sector. Initially practising as a commercial law barrister and then as a leading transactional lawyer in capital markets and structured finance with Sidley Austin in London, he joined Barclays Bank PLC in 2004. Between 2009-2015 he raised and allocated over £200bn of capital (debt and equity) for the Barclays Group as head of its capital markets division. He led the global restructuring of the Group between 2015-2018, including the establishment of Barclays Bank UK – its ringfenced retail bank – and became Chief Operations Officer of Barclays Bank PLC in 2018, joining the Executive Committee.
Steven led the bank’s European securitisation division until 2023, building out its sustainability capability. He recently sat on the advisory panel to the ABI’s Investment Delivery Forum and was instrumental in securing the backing of major insurers (representing more than £2.5tn assets under management) for large‑scale infrastructure funding solutions, currently being advanced with HMG.
Willem Lijnders, Senior Associate. FMO - Blended Finance team
Willem currently co-manages the Mobilising Finance for Forests (MFF) program, a UK- and Dutch government funded blended finance facility focused on mobilising private capital for forests and sustainable land use in tropical forest countries in Africa, Asia, and Latin America. FMO, the Dutch entrepreneurial development bank, invests in sustainable private-sector growth in emerging markets, using catalytic capital to drive impact at scale.
Prior to his current role with MFF, Willem worked on resource mobilisation for innovative blended finance structures at FMO, collaborating closely with partners such as the Green Climate Fund (GCF) and the European Commission to design and scale catalytic investment vehicles.
Before joining FMO, Willem supported emerging climate fund managers at the International Climate Finance Accelerator in Luxembourg, guiding them in the development and structuring of blended finance funds aimed at addressing global climate challenges. He holds a master’s degree in International Business and Politics from Copenhagen Business School.
Ashish Kumar, Adviser, Pensions for Purpose
Ashish has a long background in private market climate investments and philanthropy, with experience across backing ventures, large-scale programmes and funds, as an allocator and limited partner.
Ashish’s work has ranged across various climate tech and impact sectors, covering energy and renewables, agriculture and agri tech, carbon and environmental markets, the circular economy, sustainable mobility and digital financial inclusion.
Ashish has a special interest in engaging allocators towards impact-aligned themes, including and beyond emerging markets, through innovative mechanisms such as blended finance, where he also brings significant transactional level experience.
Ashish holds a few affiliations and engagements with impact investors, family office, financial institution intermediaries and global multilateral organisations.
Over the years, Ashish has also held several advisory and governance positions at funds and ventures.
Ashish holds an MBA from the University of Oxford, UK and a BA from IIT Roorkee, India.
Breakout room hosts
Bill Manahan, Director of Institutional Solutions, Downing
Bill joined Downing in July 2023, as a Director of Institutional Solutions. He has a wealth of experience in the institutional space (private markets and risk management) across fundraising and business development. He holds a degree in Commerce from University College Dublin, Ireland and a postgraduate diploma in Law from the Department for International Trade (DIT).
Douglas Anderson, Head of International Consultant Relations, Federated Hermes Limited
Douglas joined Federated Hermes Limited in 2017 as Head of Consultant Relations. Before this, he was a consultant relations manager at Lazard Asset Management Limited for five years and worked at Capital International for over a decade from 2000. He has also worked in consultant and actuarial roles at Bacon & Woodrow (now Aon Hewitt) and Hymans Robertson. Douglas holds the Investment Management Certificate (IMC) qualification and a BSc (Hons) in Mathematics from the University of St Andrews, UK.
Pippa Rudling, Head of Consultant Relations, Jupiter Asset Management
Pippa joined Jupiter in 2023 and is a Head of Consultant Relations and UK Institutional. Prior to joining Jupiter, she spent ten years at Aberdeen Asset Management on the consultant relations team, and then four years at the Asset Management Exchange (AMX) as a sales director.
Pippa has an MSc in Latin American Studies from Oxford University and a BA in Comparative American Studies from the University of Warwick.
Host
Laasya Shekaran, Director, Pensions for Purpose
Laasya is responsible for working with our Community, developing content and knowledge, and driving forward collaborative initiatives across the industry.
Laasya is passionate about approaching pensions and investment with a systems lens and understanding how these sectors interact with the wider social and environmental systems they exist within.
Laasya is a CFA charterholder, who has experience working with a range of asset owners as an investment adviser, with a focus on corporate defined benefit pensions. She is a regular speaker at industry conferences and events, and is also an experienced podcast host, and presenter of the Pensions for Purpose podcast. Laasya is an advocate for diversity, equity and inclusion, and is particularly passionate about anti-racism activism. She has previously won the Women in Pensions and Women in Investment Rising Star awards.
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.
Our Community allows members to learn from leaders in the impact investment industry. We provide a trusted environment to interact, collaborate and share knowledge. Members engage in a programme of activity to shape their strategy in ESG, sustainable and impact investments.
For more information, please email the Membership Manager.
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