Mansion House Accord signatories held £11.1bn of defined contribution (DC) growth-phase assets in UK private markets at the end of 2025, as part of £22.1bn invested in global private markets, according to the Association of British Insurers (ABI) and Pensions UK.

The total investment represented 6.6 per cent of DC growth-phase assets invested in private markets, including 3.3 per cent allocated to UK private markets, among signatories.

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 to the Mansion House Accord, which include some of the largest UK workplace pension providers, committed to an ambition of investing 10 per cent of DC default fund assets in private markets by 2030, including 5 per cent in UK private markets, subject to their fiduciary and regulatory duties.

Property and real estate was the largest UK private market investment sector at £8bn, including social and affordable housing, followed by infrastructure at £1.3bn, private debt and credit at £0.9bn, and private equity at £0.5bn.

The ABI and Pensions UK said signatories have also agreed deals to invest a further £3bn in UK private markets.

Furthermore, a range of steps have been taken over the past year to increase private market allocations, including forming new asset manager partnerships, establishing private market vehicles or structures, and expanding in-house investment capability through recruitment and training.

Signatories highlighted the need for further development of UK investment opportunities, government support to address regulatory barriers, and a greater focus on the value investments deliver for savers rather than cost alone.

Commenting on the update, The Right Honourable the Lady Mayor of London, Dame Susan Langley DBE, said progress showed a “clear focus” on increasing the investment needed to support UK growth.

“That means backing innovation and scale-ups, as well as investing in the infrastructure and energy projects that underpin our economy,” she added.

“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.”

ABI director of long-term savings and health and protection policy, Dr Yvonne Braun OBE, said that while progress shows the industry is delivering on its goal to increase investment in private markets, “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," she said.

Pensions UK chief policy officer, Zoe Alexander, added that if signatories see that investment opportunities are right for savers, while also supporting UK growth, it’s a “win-win”.

She continued: "With billions already invested and deals worth a further £3bn 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.”

The accord builds on the Mansion House Compact in 2023, where firms voluntarily committed to allocate at least 5 per cent of their DC default funds to unlisted equities by 2030.

The update revealed that signatories increased unlisted equity investment in DC default funds by 65 per cent in the 10 months to 31 December 2025, from £1.6bn to £2.7bn, with allocations rising from 0.6 per cent to 0.85 per cent, while unlisted equity investment across broader DC assets reached £7.46bn.

---