Private markets

We take a flexible approach, underpinned by the trust and support of the Trustee, the sponsoring employers and our members which empowers us to deliver on the long-term strategy strategies.


Our philosophy

Our flexible approach allows us to dictate the pace in determining when and where we should invest and how we should navigate fixed asset allocation constraints. Our Private Markets team invests in illiquid, privately held assets (including private equity, venture capital and private lending) as well as more opportunistic investment opportunities.

We assess our new investments for impact using the United Nations Sustainable Development Goals framework.

What type of investments are we looking for?

We want investments that will help us deliver our purpose to secure our members’ future. We focus on illiquid investments that offer the potential for the returns we need through capital growth or income. We think broadly and globally - we are not bound to any one sector, strategy or geography. We access private markets exposure through a variety of legal structures, from funds to direct share ownership in private companies. Our long-term mindset and investment horizons mean we are an ideal stable and strategic partner.

We are outcome-oriented, focusing on the needs of the scheme and its members and are not constrained by chasing short-term benchmarks.

Also in this section...

Example investment: Oxford Nanopore

Hear about Railpen's investment in unique medical device company, Oxford Nanopore, introduced to us by IP Group who were looking for private investment from shareholders ahead of an expected initial public offering (IPO). Railpen saw an exciting opportunity to investment in this next-generation DNA sequencing company with products that already had important applications in human genome and infectious diseases and which looked set to expand over time. Discover more, including how investments like this support our purpose to secure our members' future.