Greater Manchester Pension Fund (GMPF) has set a benchmark for place-based impact investing in the UK. A dual mandate – this is both an impact portfolio and the Greater Manchester Property Venture Fund – delivers both financial returns and measurable social outcomes, guided by a clear theory of change. Judges praised GMPF for its well-articulated policies, forward-looking strategy, and strong integration of UN SDGs. A commitment to local investment demonstrates how local government pension funds can generate tangible, positive community impact. In the judges’ opinion, GMPF excels in measurability, risk management, and in embracing impact investing with a clear theory of change, objectives, and economic measurement of outcomes. A focus on societal challenges, including regional levelling up, net-zero, housing, and health and social care, is highly commended, alongside attractive risk-adjusted returns with a long-term perspective. By embedding ESG key performance indicators (KPIs), collaborating with local stakeholders, and balancing impact with financial prudence, GMPF is proving that pensions can catalyse inclusive regional growth. This pioneering model exemplifies leadership in impact investing and, in the judges’ opinion, is the reason GMPF deserves the highest recognition.