The Pensions Brief: October 2026
By Andrew Block & Katherine Carter
The Pensions Regulator (TPR) has published a market oversight report on investment by UK pension schemes in private markets, particularly UK private markets. Key findings include:
Trustees are open to UK private market investments if the investments offered meet the scheme’s investment needs and characteristics. DC schemes and master trusts with the necessary scale and capacity have made significant progress, but appetite is limited among DB schemes to invest in private markets beyond private credit or certain types of infrastructure and real estate.
Schemes tend to invest in funds that offer blended access to some combination of private credit, infrastructure, property and private equity. There is much less interest in venture capital.
Potential barriers to investment in private markets include a possible trustee knowledge gap, concerns around fiduciary duty, market uncertainty, concerns around fee structure and transparency, and the lack of availability of an investible pipeline of assets.
TPR recommends a number of actions for trustees, including improving knowledge and understanding, reviewing their adviser support, strengthening their investment risk management controls and exploring the range of investment implementation opportunities.
Source Mayerbrown
