Private Markets Group

£5.3bn invested

We are a long-term investor in property with a focus on strong property fundamentals across the risk spectrum. We prefer direct ownership but will also invest via joint ventures and funds where partners can add value, particularly in alternative sectors or when dealing with complexity.

Although we invest globally, we have a UK bias, with deal sizes ranging from approx. £10m - £400m. The existing property portfolio is well diversified across all the main sectors, including industrial, office, retail, living and healthcare. But we actively consider new opportunities in alternative and emerging markets.

The Property team is led by Alex Turner, who joined USS in 2009. He is supported by an experienced team of investment managers and has a dedicated Asset Management function led by Andrew Pettitt.

£7.8bn invested

The team invests across the capital structure from investment grade opportunities to structured equity return profiles, with broad experiences in providing finance across a variety of strategies including infrastructure and long-duration real estate lending, direct lending, structured credit, and private asset-backed securities.

We work directly in partnership with counterparties to provide tailored and innovative financing solutions to complex situations. Investments are opportunistically sourced across a variety of sectors and asset classes, focusing on relative value and capital preservation. Representative investments include infrastructure lending, fund financing, bespoke corporate credit, long lease and ground rents, specialist mortgages, and strategies where the investment outcome is typically uncorrelated to other asset classes and therefore a good source of diversification.

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

The team is led by Eamon Ray who joined PMG in 2012. The team has a dedicated Asset Management function led by Emma Singh.

£7.9bn invested

Direct Equity focuses on making investments in infrastructure companies or assets with leading market positions, a long-term competitive advantage, high-quality management teams, and predictable cash flows. USS invests across the infrastructure risk/return spectrum with a theme driven origination approach. The team typically targets control or joint control investments in mid-market companies or large cap companies in partnership with lead partners.

We invest globally, but have a particular focus on the UK, Europe, and the US. Our preferred investment size is £100m - £500m and we can underwrite equity, structured equity or whole capital structures in partnership with our Private Credit colleagues within Private Markets.

The Direct Equity team is led by Rob Horsnall. Rob joined USS in 2010 and has led the underwriting of private equity and infrastructure transactions in UK, Europe, North America, and Australia. Rob is a non-executive director of several portfolio companies including Moto and PECO Pallet. The team has a dedicated Asset Management function led by Bob Hewson.

£5.1bn invested

The Private Equity Fund and Co-Investments team takes core positions in leading Private Equity Funds with strong track records of demonstrated public market outperformance. We 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 - £150m+ for funds, and £15m - £50m+ for co-investments.