Two of Australia’s largest pension investors pledged to pour $19 billion into UK and European markets in coming years, as the industry increasingly looks for opportunities overseas.

IFM Investors, owned by some of Australia’s biggest pension funds, will spend £10 billion ($12.6 billion) on infrastructure and energy transition projects in the UK by 2027, under an agreement announced with the government there. Meanwhile, Aware Super said it will direct A$10 billion ($6.6 billion) to the UK and Europe through its new London office. Both firms are making their announcements at the Global Investment Summit in London on Monday.

“The UK is taking steps to help facilitate long-term investment in infrastructure and we currently see significant deployment opportunities, particularly as part of the UK energy transition in areas such as offshore wind, solar, battery storage, renewable fuels, and pumped hydro,” IFM Investors Head of Infrastructure Europe Deepa Bharadwaj said in a statement.

It’s the latest sign of the growing international footprint of Australia’s A$3.5 trillion pension industry, known locally as superannuation, which has increased assets invested overseas in recent years. Meantime, locations beyond Australia are becoming more important with Aware Super opening its London office last week and Australia’s largest pension fund, AustralianSuper, building presences in London and New York in recent years.

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Aware Super has already invested A$17 billion in the UK and Europe. The fund said its fresh round of investment would initially focus on real estate, infrastructure and private equity. It cited “emphasis” on the energy transition sector, affordable housing, innovation, life sciences, technology and the digital infrastructure sector.

--With assistance from Ben Westcott.