Private Markets Group

We are a long-term investor in property with a focus on strong property fundamentals and income, including inflation linked assets. We prefer direct ownership but will also invest via joint ventures where partners can add value, particularly in alternative sectors.

The existing property portfolio is well diversified across all the main sectors, including industrial, office, retail and residential. Our current focus is on inflation linked long-income property but we also invest within international funds and co-investment opportunities.

Although we invest globally, we have a UK bias. Our preferred deal size is £20m - £500m+.

The Property team is led by Graham Burnett, who joined USS in 2002. Graham also represents USS on a number of portfolio company and advisory boards, including Moto.

Private Credit specialises in providing finance across a variety of strategies including infrastructure and long-duration real estate lending, structured credit and private asset-backed securities. We work in partnership with counterparties to provide tailored and innovative financing solutions.

Our typical deal types include: infrastructure lending, fund financing, structured credit, long lease and ground rents, specialist mortgage, and strategies where the investment outcome is typically uncorrelated to other asset classes and therefore a good source of diversification.

We look to invest globally, but with a particular focus on the UK, Europe, Australia and the US. Our preferred deal size is £50m - £500m+.

The Private Credit & Alternative Income team is led by Ben Levenstein who joined PMG in 2013. He oversees PMG’s Private Credit investments across funds, co-investments and directs.

Direct Equity focuses on making investments in companies or assets with leading market positions, high-quality management teams and with stable cash flows. This includes infrastructure, renewables and private equity.

We invest globally, but with a particular focus on the UK, Europe, Australia and the US. Our preferred deal size is £100m - £1bn+.

The Direct Equity team is led by Rob Horsnall. Rob joined USS from 3i in 2010 and has led the underwriting of private equity and infrastructure in UK, Europe, North America and Australia. Rob is a non-executive director on a number of portfolio companies including Moto, PECO Pallet and Resolution.

The Private Equity Fund & Co-Investments team takes core positions in leading Private Equity Funds with strong track records of demonstrated public market outperformance. We will also make co-investments alongside our managers with a preference for cash generative businesses with strong market positions.

We invest globally with a preferred deal size of £75m - £200m+ for funds and £25m to £50m for co-investments.

The Private Equity Funds & Co-Investments team is led by Geoffrey Geiger. Geoffrey joined USS in 2007 and has built a portfolio of over 80 co-investments and direct investments worth over £1.3bn. Geoffrey has sat on the boards of several portfolio companies and on numerous advisory boards for Private Equity Funds.

The Asset Management team complements the investment activities of PMG and is primarily focused on value creation and preservation across PMG’s portfolio of direct investments by proactively engaging with management at those assets to develop executable business plans.

The team is co-led by Damian Holland and Gavin Merchant. Damian, responsible for Private Credit and Matching Assets asset management, joined USS in 2015 and has a wide range of experience across direct and indirect assets. Damian is also the Chief of Staff for PMG with oversight of all non-investment activities across the team.

Gavin, responsible for Direct Equity asset management, joined USS in 2011 and has significant investment experience having led transactions in the UK, Europe, the US and Australia. Gavin is a non-executive director of a number of USS portfolio companies including NATS, Globalvia and Redexis.