UK pension providers participating in the Mansion House Accord held £11.1bn in domestic private market investments at the end of 2025, representing 3.3% of their defined contribution (DC) growth-phase assets, according to figures released by the Association of British Insurers (ABI) and Pensions UK and reported by Private Equity Wire.
The 17 signatories held a further £11bn in overseas private markets, bringing total global private market holdings to £22.1bn, equivalent to 6.6% of relevant pension assets, according to Private Equity Wire.
Asset mix: UK property and real estate largest at £8bn
Within domestic private market allocations, UK property and real estate accounted for the largest allocation at £8bn.
Infrastructure was the next largest domestic category at £1.3bn.
Private debt and credit totalled £900m.
Private equity totalled £500m.
Additional UK commitments and the 2030 allocation target
Signatories have also reportedly agreed an additional £3bn of investments in UK private markets.
The Mansion House Accord was launched in 2025.
The Mansion House Accord sets a voluntary target for participating pension providers to allocate 10% of DC assets to private markets by 2030, including 5% to UK investments, according to Private Equity Wire.
Mansion House Compact: unlisted equities increased to £2.7bn by Dec 2025
Progress towards the earlier Mansion House Compact has continued, with reported investment in unlisted equities across participating default funds increasing 65% over the ten months to December 2025.
That reported unlisted equities investment rose from £1.6bn to £2.7bn over the ten months to December 2025.
Over the same period, the allocation to unlisted equities rose from 0.6% to 0.85%.
ABI and Pensions UK: pipeline, consolidation, and cited barriers
The ABI and Pensions UK said further progress would depend on developing a stronger pipeline of investable UK assets, particularly as pension schemes consolidate and seek to deploy larger amounts of capital.
Signatories also reportedly identified regulatory barriers and an excessive focus on investment costs as obstacles to increasing allocations.
Signatories called for greater emphasis on long-term returns and value for pension savers.
