The British government said on Monday that pension giant AustralianSuper was set to invest 8 billion pounds ($10.15 billion) more in the country, taking its total investment to over 18 billion pounds by the end of the decade.
"This major investment from AustralianSuper will promote growth and strengthen the UK's position as a leading financial centre, creating wealth and helping to fund public services," finance minister Jeremy Hunt said in the statement.
The announcement comes ahead of a budget update on Wednesday that Hunt is hoping will boost Conservative Prime Minister Rishi Sunak's flagging fortunes before an election later this year.
"The raft of investment announcements we have seen today show that the UK remains one of the most attractive places to invest in the world," Sunak said in the statement.
"But because of the difficult, long term decisions the government has taken the economy is now turning a corner, and we must stick to the plan."
AustralianSuper, which holds more than 2.5 billion pounds in British-listed equities according to the statement, says on its website that it manages more than A$315 billion ($205 billion) of retirement savings on behalf of more than 3.3 million members.
Private markets overseas, especially debt, are top priorities for Australia's largest pension funds as they look for ways to deploy the rapidly growing A$2.4 trillion pool of retirement savings that is outgrowing the domestic market.
($1 = 0.7879 pounds)
