Legal & General Capital committed £5bn of investment towards levelling up in 2022

The firm also expanded its footprint into the US for the first time.

Laura Mason, CEO of Legal & General Capital said: “2022 has been a landmark year as we have made major commitments to deliver transformational schemes in all our alternative asset specialisms across both the UK and, for the first time, the USA.

"Much of this has come through strategic partnerships with like-minded investors, who are seeking stable, long-term returns, but also looking to drive positive social impact and limit the impacts of climate change.

"With an increasingly uncertain picture over the next 12 months, it’s essential that financial institutions continue to invest in the real economy, recycling pensions funds and savings into projects that help to create jobs, housing and vital infrastructure.”

Over the year, the company backed the delivery of over 17,000 new homes across affordable housing, Suburban Build to Rent, Modular Housing, traditional build to sell, and key worker homes through its Oxford University partnership.

Despite globally economic uncertainty, the firm has significantly increased its alternative asset commitments in 2022, backing the delivery of over 2.7m sq ft of commercial real estate across the UK and US, and investing in multiple clean energy businesses.

The firm also continued to invest into clean energy transition start ups and scale ups across power, heat and transport, with investments into companies such as net zero enabler Sero Technologies and rooftop solar business, Sunroof.

The firm claims its 2022 commitments mean it is “on track “ to deliver against its ambitions to generate up to £600m in profit from alternative assets by 2025.