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.

We prefer long-income property (e.g. sale and leasebacks and income strips) and also look at international funds and co-investment opportunities.

Although we invest globally, we have a UK bias. Our preferred deal size is £10m - £500m+.

Property is led by Graham Burnett, who joined USS in 2002. In addition to overseeing the property team, Graham’s responsibilities include direct responsibility for the Property team’s retail assets, international indirects and the management of the fund’s joint ventures and indirect holdings. He is a member of the RICS.

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 core infrastructure, renewables and lower-risk private equity.

We look to invest globally, but with a particular focus on the UK, Europe, Australia and the US. Our preferred deal size is £50m - £750m+.

The Direct Equity team is co-led by Gavin Merchant and Rob Horsnall. Gavin joined USS in 2011 and serves on a number of portfolio company boards for USS including NATS, Globalvia and Redexis.

Rob joined USS in 2010 and has led the underwriting of private equity, real assets and private debt transactions in UK, Europe, North America, South America and Australia. Rob is a non-executive director on a number of portfolio companies including Moto and Resolution.

The Private Equity Fund & Co-Investments team takes core positions in leading Private Equity Funds with strong track records of demonstrated value creation. 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 £35m - £500m+.

The Private Equity Funds & Co-Investments team is led by Geoffrey Geiger. Geoffrey joined USS in 2007 and has built a portfolio of over 30 co-investments and direct investments worth over £1.3 billion. Geoffrey sits on the boards of several portfolio companies and on a number of advisory boards for Private Equity Funds.

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

The team is led by Damian Holland who joined USS in 2015 and has a wide range of experience across direct and indirect assets. Damian sits on the board of several portfolio companies.