Strathclyde Pension Fund has played a key role in an initiative which could trigger a multibillion-pound private sector injection into UK infrastructure, Pension Protection Fund chief executive Alan Rubenstein said in Edinburgh.
The fund had been "supporters from the start" of the Pension Infrastructure Platform, which now counted three local authorities among its 10 initial investors, Mr Rubenstein said.
The 10 funds have promised £1bn, with 50% leverage enabling a £2bn total fund, way below Chancellor George Osborne's hope two years ago that £20bn could be raised. But Mr Rubenstein said: "We have never said this would be the only vehicle, this is us empowering and kick-starting a movement ..."
He said the £2bn could double to £4bn or more by the end of 2013, as other funds came on board. But he warned: "One of the issues the Government needs to tackle is speeding up the process of planning permissions and project approvals because we seem to have the most tortuous procedures."
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