Pensions - Articles - Mansion House Accord signatories £11.1bn in Private Markets


Workplace pension providers laid strong foundations in the first year of their commitment to invest more in UK assets, including infrastructure, property and private equity, under the Mansion House Accord. Joint tracking by the ABI and Pensions UK reveals Mansion House Accord signatories held £22.1 billion DC growth-phase assets in global private markets, with £11.1 billion in UK private markets, as of 31 December 2025. This equates to 6.6% of DC growth-phase assets invested in private markets, with 3.3% in the UK.

The Mansion House Accord is a voluntary, industry-led commitment coordinated by the ABI, Pensions UK and City of London Corporation to increase investment in private markets. The 17 signatories are working towards ambitions to hold 10% of DC pension assets in private markets, including 5% in UK private markets by 2030, subject to their fiduciary and regulatory duties. 

The top UK sectors invested in are: 
Property and real estate, including social and affordable housing (£8 billion) 
Infrastructure (£1.3 billion) 
Private debt and credit (£0.9 billion) 
Private equity (£0.5 billion)  

In addition to the above, signatories have signed deals to invest a further £3 billion in UK private markets.  

Firms are at different stages in their private markets implementation journey. Over the past year, signatories have taken steps to invest more, including entering new asset-manager partnerships, establishing private-market vehicles or structures, and developing their in-house investment capability through recruitment and training. 

As DC funds consolidate and grow, schemes need a steady supply of investable opportunities to quickly deploy increasingly large assets. Signatories report that the pipeline of UK investable opportunities must continue to be developed to ensure the right quantity and quality of opportunities are available, alongside government support to overcome regulatory barriers, and a greater focus on the overall value investments can deliver for savers rather than cost alone. 

Mansion House Compact 
The Accord builds on firms' 2023 voluntary ambition to allocate at least 5% of their DC default funds to unlisted equities by 2030, known as the Mansion House Compact. 

Progress towards the Compact continues to be monitored and provide useful context, but is not directly comparable with the Accord as its scope and definitions differ. 

In the ten months to 31 December 20256, signatories increased unlisted-equity investment in DC default funds by 65%, from £1.6 billion to £2.7 billion, with the total allocation portion rising from 0.6% to 0.85%. Unlisted-equity investment across broader DC assets also reached £7.46 billion by the end of 2025. 

Dr Yvonne Braun OBE, Director of Long-Term Savings and Health & Protection Policy at the ABI said: "Firms’ strong progress towards their Mansion House commitments is a welcome and important milestone. It shows the industry is delivering on its goal to increase investment in private markets that support better outcomes for pension savers while helping to finance the homes, infrastructure and businesses the UK needs. 

"However, there can be no room for complacency. Sustaining this momentum will depend on a strong pipeline of investable opportunities and a shift across the workplace pension market away from a narrow focus on cost and towards long-term value for savers." 

Zoe Alexander, Chief Policy Officer at Pensions UK, said: “Mansion House signatories are committed to deploying more capital in the UK, and that commitment shows in this latest set of figures. They see that if investment opportunities are right for savers and can support vital UK growth at the same time, it’s a win-win. 

"With billions already invested and deals worth a further £3 billion already signed and awaiting deployment, the industry is poised to do more. Changes facilitated by the Government’s new value for money framework and greater co-ordination between Whitehall and public finance institutions should help create the conditions to further accelerate private market investment in future.”   

Dame Susan Langley DBE, The Right Honourable the Lady Mayor of London, said: “It’s really encouraging to see a clear focus on unlocking the investment that the UK needs to drive growth. That means backing innovation and scale-ups, as well as investing in the infrastructure and energy projects that underpin our economy. 

“But no single organisation is responsible for retirement outcomes. Employers, trustees, advisers and providers all have a part to play in ensuring what will deliver the best retirement outcomes. It’s important that we continue to build a pipeline of credible UK investment opportunities, to turn ambition into action.” 

 

Back to Index


Similar News to this Story

TPT’s DB Superfund successfully clears regulatory assessment
The TPT Retirement Solutions Superfund has achieved a successful outcome following The Pensions Regulator’s (TPR) assessment process.TPT’s Superfund i
Inflation figure of 3.5% takes State Pension above £13,000
September inflation figure of 3.5% confirms average earnings growth of 3.9% will determine the April 2027 State Pension increase, taking the full new
Run-in strategies gaining traction with pension schemes
Aon has said that while the UK risk settlement market has maintained its level of activity in 2026, it is now set to increase significantly, with a nu

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.