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Latest on private markets
Private debt managers brace for consolidation amid regulatory and operational strain
Almost all private debt managers expect a wave of industry consolidation within five years, according to new research from Carne Group.
Railpen appoints productive assets leader to oversee innovation investments
The investment manager for the £34bn Railways Pension Scheme has promoted Julia Diez to lead its productive assets investments work.
Should tax relief be dependent on UK investments? Interrogating Ros Altmann’s radical idea
As an incentive for pension schemes to invest more in the UK, former pensions minister Baroness Ros Altmann has suggested making tax relief dependent on domestic allocations. Business and finance journalist Geoff Ho explores her idea and gathers expert reaction.
Investment roundup: GLIL continues Bluefield partnership
Plus: Legal & General and Federated Hermes merge property funds to create £4.7bn vehicle.
Nest seeds £550m mandate for sustainable timber in diversification push
The UK’s biggest master trust has awarded a timberland mandate to US-based BTG Pactual, the second manager it has appointed in this asset class.
Smart invests in renewable energy strategy as part of private markets push
The £330m move will see the master trust support innovative companies like Kensa, which manufactures ground source heat pump technology.
Unlocking value through diversification, decumulation and infrastructure
Mobius’s Hugh Cutler explores how the defined contribution landscape has changed – and what pension schemes and providers must do to keep ahead of the curve.
Should pension schemes access illiquid markets through investment trusts?
Former pensions minister Baroness Ros Altmann is among those calling for closed-ended listed funds to be included in the scope of the Pension Schemes Bill to give more options for private markets investment.
BoE governor warns against mandation as Bell promises ‘opt out’
The governor of the Bank of England has voiced opposition to potential policies to mandate how pension schemes invest – an intervention described as “nuclear” by a former pensions minister.
The power of marginal gains in pension investing
The recent signing of the Mansion House Accord by 17 major UK pension schemes has put pensions and investment returns firmly under the spotlight, writes People’s Partnership chief executive officer Patrick Heath-Lay.
Is the UK pensions industry doing the right thing the wrong way?
David Whitehair, chair of the Defined Contribution Investment Forum, argues against mandation of asset allocations and instead calls for investible assets and better governance.
Mansion House Accord to drive growth in LTAF demand and supply, poll suggests
Three in five asset managers are exploring launching long-term asset funds as momentum grows for defined contribution pension schemes to invest in private markets.
Two UK pension schemes announce new private markets allocations
One DB and one DC scheme announce £100m and £48m private markets mandates, respectively.
Private markets buyers eye credit, secondaries amid rising geopolitical risk
Research from Coller Capital shows a growing appetite for private credit and secondary strategies among institutional investors worldwide.
Spending Review: Boost for British Business Bank as schemes eye UK opportunities
Chancellor Rachel Reeves has increased the financial capacity of the British Business Bank and announced major spending plans for social housing and regional transport infrastructure.
A step too far? Mandatory UK investment remains a threat after Pension Investment Review
The forthcoming Pension Schemes Bill will give the government the power to force pension funds to invest in the UK.
People’s Pension CEO: Why we signed the Mansion House Accord
Patrick Heath-Lay tells Pensions Expert why his master trust is actively exploring private markets allocations in line with the recent Mansion House Accord.
Smart Pension targets £4bn in private markets by 2030
The master trust intends to allocate to private equity, venture capital, renewable energy and technology across multiple industries as it aligns itself with the Mansion House Accord.
Could UK investments be mandated if Mansion House Accord flounders?
The Mansion House Accord appears to have been struck with pragmatism and collaboration, but legal experts are already considering what could happen if this collegiate approach breaks down.
Nest makes first allocations through IFM Investors partnership
The investments follow Nest’s acquisition of a 10% stake in the Australian infrastructure specialist, which was announced in February.
The full text of the Mansion House Accord
The Mansion House Accord was signed by 17 pension schemes and providers as well as the chancellor, the Lord Mayor of London, the ABI and the PLSA.
Fiduciary duty and the Mansion House Accord: Members must come first
The “spectre of mandation” remains despite the landmark voluntary agreement announced this week, according to one lawyer. Pensions Expert rounds up more reactions to the Mansion House Accord.
Mansion House Accord: Signatories urge government to support UK opportunities
Following the announcement of the Mansion House Accord today, the agreement’s signatories have spoken about their intentions and what they expect from the government.
Pensions industry launches Mansion House Accord to boost UK investment
The PLSA, the ABI and the City of London Corporation have announced a voluntary initiative with 17 pension schemes and providers pledging to allocate at least 10% of DC default funds to private markets and at least half of this to UK assets by 2030.
MPs to scrutinise government plans for UK investment
The Work and Pensions Committee will hear evidence from the industry this week around UK investment amid rumours of potential mandatory allocations.
Illiquid asset sales platform launches to aid schemes heading for buyout
MeltX is gearing up for its inaugural auction of illiquid assets as it seeks to help defined benefit pension schemes generate liquidity and prepare for bulk annuity transactions.
More LTAFs to hit the market as private asset demand surges
Future Growth Capital and Scottish Widows are the latest firms to announce new long-term asset funds as the government hints that pension schemes may face mandation if they do not allocate enough to private markets.
People’s Pension names co-heads of real assets
The People’s Pension has named two co-heads of real assets to boost its efforts to allocate up to £4bn to private markets.