Private Markets Group

£5.1bn invested

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 Alex Turner, who joined USS in 2009. Alex has had a wide range of responsibilities within the property team, including a leading role in the implementation of the PRS and Long Income Property strategy.

£7.4bn invested

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 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 Private Credit & Alternative Income team is led by Eamon Ray who joined PMG in 2012. He oversees PMG’s Private Credit investments across funds, co-investments and directs.

£8.6bn invested

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

We invest globally, but have a particular focus on the UK, Europe, Australia, and the US. Our preferred deal size is £100m - £500m.

The Direct Equity team is led by Rob Horsnall. Rob joined USS 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 of several portfolio companies including Moto and PECO Pallet.

The team recently launched a Sustainable Growth investment strategy focused on investing in fast growing businesses that are enabling or directly impacting decarbonisation. We’re focused on partnering alongside management or in structured equity securities, often in lower-mid market companies primarily based in the UK, with strong prospects for growth and attractive cashflow generation. We recently invested in Northvolt, a market leading electric vehicle battery manufacturer.

£6.5bn 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.

The Private Equity Funds and Co-Investments team is led by Geoffrey Geiger. Geoffrey joined USS in 2007 and helped the scheme commit over £10bn to over 80 funds and over 50 co-investments. 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. It is primarily focused on value creation and preservation across PMG’s portfolio of direct investments by proactively engaging with management at those businesses to develop executable asset management plans. The team has a dedicated capability which can be deployed to support companies in their financing activities.

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 several USS portfolio companies including NATS, Globalvia and Redexis.