The infrastructure investment partnership between two of the UK’s biggest public pension funds has borne its first fruit, making a £60 million commitment to UK biogas power – and they have recruited an offshoot of private equity firm Electra Partners to help.

The Greater Manchester Pension Fund and London Pensions Fund Authority are investing with the project advice and management services of Iona Capital, a fund manager co-founded in 2008 by former Electra partner Nick Ross, which has developed a specialism in the bioenergy sector.