The fund represents the GIB’s first move into asset management and the first time it has managed private capital since it was set up by the UK government in October 2012.
The bank said at the end of the financial year that it reached first close on commitments of £463 million on the planned £1 billion fund in the 2014/15 year, with investors including pension funds and a major sovereign wealth fund contributing a total of £263 million.
In addition the fund received a £200 million injection from the GIB itself.
The bank described the fund as “an innovative, first-of-a-kind transaction”.
“It is the world’s first fund dedicated to investments in offshore wind power generation and, once fully subscribed, will be the largest renewables fund in the UK. The fund has an expected life of 25 years, allowing a new class of long-term investor to enter the sector,” the bank said.
In addition the government-owned bank committed £723 million to 22 green energy projects across the UK. GIB has now backed 46 UK projects with a total value of almost £7 billion, it said.