Local Government Pension Scheme (LGPS) funds could be allowed to double the amount they can invest in local infrastructure schemes, potentially unlocking a further £22bn, under plans outlined by the DCLG.

At present a 15% cap applies on how much the 89 Local Government Pension Scheme (LGPS) funds, holding combined assets worth £148bn, can invest in limited partnerships – the asset vehicle often used for major property, private equity and infrastructure projects.