The Local Pensions Partnership – the roughly £12 billion pension pot created by the tie-up of local authority funds in London and Lancashire – has launched a £5 billion global equity fund ahead of moves into alternatives.

LPP said in a statement that the fund, launched on November 1, would be made of up the pooled holdings of its existing main clients, with 60% managed by MFS Investment Management, Robeco and Magellan, and the remaining 40% managed internally.