Mansion House Accord signatories held £11.1bn in UK private markets at the end of 2025, with a further £3bn of deals signed for future investment, according to joint figures from the Association of British Insurers (ABI) and Pensions UK.
The 17 workplace pension providers held £22.1bn in global private markets within their defined contribution (DC) growth-phase assets as of 31 December 2025, with 3.3% of those assets invested in UK private markets.
The figures come one year into the voluntary Mansion House Accord, under which signatories are working towards allocating 10% of DC pension assets to private markets by 2030, including 5% to UK private markets, subject to their fiduciary and regulatory duties.
Property and real estate accounted for the largest share of UK private-market investment at £8bn, including social and affordable housing. Infrastructure accounted for £1.3bn, while private debt and credit stood at £900m and private equity at £500m.
The additional £3bn of signed deals is expected to add to investment in UK private markets as providers continue developing their allocation strategies.
Over the past year, signatories have entered new asset-manager partnerships, established private-market investment vehicles and expanded their internal investment capabilities through recruitment and training.
The ABI and Pensions UK said continued growth in DC funds would require a larger pipeline of investable UK opportunities, alongside measures to address regulatory barriers and a greater focus on long-term value for pension savers.
The Accord builds on the 2023 Mansion House Compact, under which firms committed to an ambition of allocating at least 5% of their DC default funds to unlisted equities by 2030.
In the 10 months to 31 December 2025, signatories increased unlisted-equity investment in DC default funds by 65%, from £1.6bn to £2.7bn. The allocation rose from 0.6% to 0.85%, while unlisted-equity investment across broader DC assets reached £7.46bn.
Dr Yvonne Braun OBE, director of long-term savings and health and protection policy at the ABI, said: “Mansion House signatories are committed to deploying more capital in the UK and that commitment shows in this latest set of figures. They see that if investment opportunities are right for savers and can support vital UK growth at the same time, it’s a win-win.”
Zoe Alexander, chief policy officer at Pensions UK, added: "With billions already invested and deals worth a further £3bn already signed and awaiting deployment, the industry is poised to do more. Changes facilitated by the government’s new value for money framework and greater co-ordination between Whitehall and public finance institutions should help create the conditions to further accelerate private market investment in future."
