释放英国养老金资本投向私人市场

Unlocking UK Pension Capitalfor Private Markets PitchBook Data, Inc. Nizar TarhuniExecutive Vice President ofResearch and Market Intelligence Paul CondraGlobal Head of PrivateMarkets Research Policies, trends, and opportunities Nalin PatelDirector of Research, EMEAPrivate Capital PitchBook is a Morningstar company providing the most comprehensive, mostaccurate, and hard-to-find data for professionals doing business in the private markets. Institutional Research Group Analysis Nicolas Moura, CFA, CAIASenior Research Analyst,EMEA Private Capitalnicolas.moura@pitchbook.com 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 billionin new capital. Crucially, half of this is targeted at UK companies, thus aligningsavers’ long-term interests with UK national economic growth. Data Charlie FarberManager, Data Analysis Adi GeorgeAssociate Data Analystpbinstitutionalresearch@pitchbook.com •Public markets are clogging up, reinforcing the private pivot:Over the last fiveyears, 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 18new IPOs. Additionally, the share of UK companies listing domestically has fallenfrom 70% in 2019 to just 47% in 2025. The UK now has 10x more PE and VC firmsthan public ones, prompting a rethink in capital allocation. PublishingDesigned byJenna O’MalleyPublished on 18 December 2025 Contents Key takeaways1Introduction2Public markets clog: Fewer listings, moretake-privates as companies stay privatefor longer2Shift from DB to DC pensions and the needfor new growth avenues4Recent policy reforms opening privatemarket access5Early signs of change: Pension fundsentering private markets8International models: Canada’s andAustralia’s playbooks10Implications for private markets GPs andpension LPs12Conclusion14Appendix15 •The future is DC, and it is underallocated to private market assets:As DCovertakes DB as the dominant pension format, the policy imperative has shiftedtowards ensuring DC savers benefit from the illiquidity premium. Yet default DCallocations to private markets remain below 1%, missing the diversification andreturn potential traditionally enjoyed by DB schemes. •New regulatory enablers are removing structural barriers:The rollout oflong-term asset funds, charge cap reforms, and the upcoming Value for Moneyframework has made it more practical and attractive for DC schemes to allocateto private assets. These reforms remove friction around fees, liquidity, andcompliance, thus unlocking private markets as a viable default fund component. •Consolidation initiatives to create pension megafunds:Government-led effortssuch as the Pension Schemes Bill aim to consolidate small schemes into larger“pension megafunds,” mirroring successful models in Australia and Canada.The British Growth Partnership and National Wealth Fund, while not pensionsthemselves, offer co-investment platforms that pooled pension capital can pluginto to invest in UK VC, infrastructure, and green growth. 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 implementedand proposed policies driving this change, examines why the push is happeningnow, and analyses the opportunity size. We also compare the UK’s approach withsuccessful models in Canada and Australia and discuss implications for privatemarket managers (GPs) and pension investors (LPs). The goal is to provide astructured framework for understanding this transformative shift of UK pensioncapital into private markets. 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 outrightnumber 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% perannum. 111 UK firms have been taken private by PE firms from the London StockExchange (LSE) in the last five years, and in 2024 alone