为私人市场解锁英国养老金资本（英）2025

Unlocking UK Pension Capitalfor Private Markets PitchBook Data, Inc. Nizar TarhuniExecutive Vice President ofResearch and Market IntelligencePaul CondraGlobal Head of PrivateMarkets ResearchNalin PatelDirector of Research, EMEAPrivate Capital Policies, trends, and opportunities PitchBook is a Morningstar company providing the most comprehensive, most Institutional Research Group Nicolas Moura, CFA, CAIASenior Research Analyst,EMEA Private Capital Key takeaways •UK pension capital is being mobilised into private markets:A wave of reforms,anchored by the 2023 Mansion House Compact and 2025 Accord, aims to shift10% of DC assets into private markets by 2030, unlocking £50 billion-£74 billion Data Charlie FarberManager, Data Analysis Adi GeorgeAssociate Data Analyst •Public markets are clogging up, reinforcing the private pivot:Over the last five years, the quantity of PE- and VC-backed companies has grown at a 6.2% CAGR,while the number of listed companies has declined at a -4.2% CAGR. UK LSEpublic listings are down sharply: In 2024, the 88 delistings far outpaced the 18 PublishingDesigned byJenna O’Malley Contents Key takeaways1 •The future is DC, and it is underallocated to private market assets:As DC overtakes DB as the dominant pension format, the policy imperative has shiftedtowards ensuring DC savers benefit from the illiquidity premium. Yet default DC Public markets clog: Fewer listings, moretake-privates as companies stay private Shift from DB to DC pensions and the need •New regulatory enablers are removing structural barriers:The rollout of long-term asset funds, charge cap reforms, and the upcoming Value for Moneyframework has made it more practical and attractive for DC schemes to allocate Recent policy reforms opening private Early signs of change: Pension funds International models: Canada’s and •Consolidation initiatives to create pension megafunds:Government-led efforts such as the Pension Schemes Bill aim to consolidate small schemes into larger“pension megafunds,” mirroring successful models in Australia and Canada. Appendix15 Introduction After years of relatively limited pension fund involvement in private markets,the UK is embarking on a major push to open and democratise private marketinvesting for retirement savers. A series of recent policy initiatives—including the2023 Mansion House Compact and 2025 Mansion House Accord—aims to unlockbillions from pension funds (especially defined contribution plans) to invest in PE,VC, infrastructure, and private credit. This note outlines the current implemented Public markets clog: Fewer listings, more take-privatesas companies stay private for longer Public equity markets in the UK have been stagnating, creating a “clog” that isdriving investors towards private assets. Fewer companies are choosing to listpublicly, and many existing public companies have been taken private. As of 2025,there are 10x more VC- and PE-backed companies than publicly listed companies inthe UK, compared with 3x more a decade ago. Over the last five years, the outright number of VC- and PE-backed companies in the UK has grown at a CAGR of 6.2%,while the number of publicly listed companies has declined at a rate of -4.2% per Lower valuations, lower liquidity, and higher financial disclosures are drivingbusinesses away from the LSE. The result is that investors find fewer opportunitiesin public markets, and a growing share of corporate growth is happening behindprivate doors. This backdrop is a key motivation for policies that encourage pensions Shift from DB to DC pensions and the need for new Compounding this trend is a structural shift in the UK pension landscape: the movefrom defined benefit (DB) to defined contribution (DC) pensions. DB schemes,traditionally large investors in equities and alternatives, are winding down, whileDC schemes, historically more conservative and cost-sensitive, are now the There is now over £1 trillion in UK DC assets.However, less than 1% of DC default funds are dominant growth channel for retirement saving as corporates have shifted the riskonto individuals. Recent data illustrates this sea change: Assets in UK corporate DB pension funds fell about 12% YoY to £1.7 trillion in 2024 as many DB plansclosed or bought out liabilities, whereas workplace DC assets have surged toabout £650 billion (up 40% since 2019).2If we include individual personal pensions and self-invested personal pensions (SIPPs), total DC assets are on the order of£1 trillion or more—a figure that will only grow with auto-enrolment contributions.3 The shift from DB to DC pensions is a central driver of the current policy agenda. AsDB schemes play a diminishing role in financing companies and long-term projects,policymakers are increasingly looking to DC schemes to fill the gap. They see anopportunity to channel a greater share of DC assets into private markets, improvingmembers’ long-term retirement outcomes while simultaneously directi