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 ..."
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