Private market allocations are only part of the Mansion House story – LCP

Pensions & benefits DC investment consulting Mansion house reforms

New data from the ABI and Pensions UK shows that Mansion House Accord signatories held £22.1 billion of defined contribution (DC) growth-phase assets in global private markets at the end of 2025. This included £11.1 billion invested in UK private markets.

The latest figures will inevitably prompt debate about whether the industry is on track to meet the Mansion House Accord targets. However, increasing private market allocations is not the same as providing fresh capital to UK businesses and projects. The ambition for up to £50bn of genuinely new investment in the UK economy may not be fully realised through increased private market allocations alone.

Our analysis suggests assets in these default arrangements could double to roughly £700-800bn by 2030. As private market allocations are implemented and investment strategies evolve, we expect significantly more capital to be invested. The challenge is to create enough attractive UK investment opportunities that schemes can back with confidence, and achieving that will require further work across industry and government.

Member outcomes must come first. We should start with better outcomes for savers and then consider how those investments can support UK economic growth. Done well, there is no reason why we cannot achieve both.

Steve Budge Partner in LCP’s DC team