The ABI's Yvonne Braun, Pension UK's Zoe Alexander and the Lady Mayor of London Dame Susan Langley
Mansion House Accord signatories hold some £22.1bn of defined contribution (DC) growth-phase assets in global private markets, with some £11.1bn of this invested in the UK.
Joint tracking by the Association of British Insurers (ABI) and Pensions UK said these figures, based on data as at 31 December 2025, equated to 6.6% of DC growth-phase assets invested in private markets, with 3.3% in the UK.
It found the top UK sectors invested in were property and real estate, including social and affordable housing (£8bn); infrastructure (£1.3bn); private debt and credit (£0.9bn); and private equity (£0.5bn).
In addition, signatories had signed deals to invest a further £3bn in UK private markets. As these investments had not been deployed by 31 December 2025, they were not included in the £11.1bn total.
The Mansion House Accord is a voluntary, industry-led commitment, coordinated by the ABI, Pensions UK and City of London Corporation to increase investment in private markets.
It was launched in May last year by 17 signatories who pledged to hold 10% of DC pension assets in private markets, including 5% in UK private markets by 2030.
Source: The Mansion House Accord - First Progress Update 2026. Note (3):The investment trusts asset class represents private market holdings held in these structures. These holdings can be invested in any typical private asset class. They were out of scope of the Mansion House Accord, but following passage of the Pension Schemes Act 2026, it is being discussed whether and how to align the Accord FAQs with the legislation. Without investment trust assets the total Accord figure is £19.3bn, with £10.7bn held in UK private markets.
Mansion House Compact
The accord builds on an earlier 2023 pledge for firms to allocate at least 5% of their DC default funds to unlisted equities by 2030 – the so-called Mansion House Compact.
The progress towards the compact continues to be monitored by the ABI, but is not directly comparable with the Mansion House Accord numbers as its scope and definitions differ.
In the ten months to 31 December 2025, Mansion House Compact signatories increased unlisted-equity investment in DC default funds by 65%, from £1.6bn to £2.7bn, with the total allocation portion rising from 0.6% to 0.85%. Unlisted-equity investment across broader DC assets also reached £7.46bn by the end of 2025.
Building supply
Responding to the latest figures, ABI, Pensions UK and City of London Corporation said Mansion House signatories had taken steps to invest more – entering new asset-manager partnerships, establishing private-market vehicles or structures, and developing their in-house investment capability through recruitment and training.
But they said that, as DC funds consolidate and grow, schemes needed a steady supply of investable opportunities to quickly deploy increasingly large assets – noting that signatories said the pipeline of UK investable opportunities must continue to be developed to ensure the right quantity and quality of opportunities are available, alongside government support to overcome regulatory barriers.
ABI director of long-term savings and health and protection policy Yvonne Braun said: "Firms' strong progress towards their Mansion House commitments is a welcome and important milestone. It shows the industry is delivering on its goal to increase investment in private markets that support better outcomes for pension savers while helping to finance the homes, infrastructure and businesses the UK needs.
"However, there can be no room for complacency. Sustaining this momentum will depend on a strong pipeline of investable opportunities and a shift across the workplace pension market away from a narrow focus on cost and towards long-term value for savers."
Pension UK chief policy officer Zoe Alexander agreed: "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.
"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."
The Lady Mayor of London Dame Susan Langley added: "It's really encouraging to see a clear focus on unlocking the investment that the UK needs to drive growth. That means backing innovation and scale-ups, as well as investing in the infrastructure and energy projects that underpin our economy.
"But no single organisation is responsible for retirement outcomes. Employers, trustees, advisers and providers all have a part to play in ensuring what will deliver the best retirement outcomes. It's important that we continue to build a pipeline of credible UK investment opportunities, to turn ambition into action."
Compact progress ‘disappointing'
Despite this, UK Private Capital – the industry body representing the private equity, venture capital and private credit ecosystem in the UK – said the "limited" progress on the Mansion House Compact was "disappointing".
UK Private Capital chief executive Michael Moore said: "The compact is critical to delivering the capital that Britain's world leading science and technology needs to create and scale globally significant businesses in deep tech, life science, defence and other key sectors here in the UK.
"So it is disappointing to see such limited new investment in private capital by Mansion House Compact signatories. At the current rate of progress, the compact target will be missed by a decade or more."
Moore said a lot of work was being undertaken by the pensions industry to facilitate more investment into private capital but there was a danger of missing the opportunity.
He said: "We are in danger of missing a once-in-a-generation opportunity for sovereign UK leadership in tech and thousands of new jobs in the economy.
"The government must remain focused on the significant risk of missed opportunities for pensions savers to get better returns and for British scale-ups to access the capital they need to grow."
The Mansion House Accord signatories are: Aegon UK, Aon, Aviva, Cushon, Legal & General, LifeSight, M&G, Marsh, Nest, Now Pensions, Royal London, Smart Pension, Standard Life, the People's Pension, SEI, TPT Retirement Solutions and the Universities Superannuation Scheme (USS). Mansion House Compact signatories are: Aegon, Aon, Aviva, L&G, M&G, Marsh, Cushon, Nest, Scottish Widows, Standard Life and Smart Pension.
The latest ABI and Pensions UK Mansion House Accord tracking figures reflect investment across £334bn of growth-phase DC default assets. The full report is available here.
The ABI published its latest update on Mansion House Compact figures, as of February 2025, at the end of last week. This can be found here.
