USS signs Mansion House Accord for private market investments

Private markets already form an important part of our investment portfolio as we believe they can achieve beneficial investment outcomes for our members over the long term. We have therefore signed the new Mansion House Accord – a non-binding, voluntary expression of intent to invest at least 10% in private markets across defined contribution (DC) default funds by 2030, with at least 5% of total assets going to UK private markets.

The Accord reflects our existing approach to private markets and is a positive step for investment. It aligns with the steps we would like to see from government to better support investment in both private markets and the UK.

While the Accord only applies to DC savings, across our entire portfolio we already choose to invest around a third in private markets and around half (£47bn) is in the UK across all asset classes. More specifically, our existing allocation to private markets in the DC part of USS means we’re already well above the aspiration set out in the Accord.

Commenting on the Accord, Carol Young, Group Chief Executive Officer, Universities Superannuation Scheme Limited said: “We believe that private markets can offer attractive investment opportunities for pension schemes like USS – within the Growth Fund of our DC offering (the Investment Builder) we already have a 25%* allocation to private markets, with around 12%* of the Growth Fund in UK private markets. We welcome the opportunity to sign the Mansion House Accord, which reflects our existing approach and the steps we would like to see from government to better support private and UK investment.”

You can learn more about our investments in private markets on our dedicated page.

^{*As at 31 March 2025}