Workplace pension providers laid strong foundations in the first year of their commitment to invest more in UK assets, including infrastructure, property and private equity, under the Mansion House Accord.

Joint tracking by the ABI and Pensions UK reveals Mansion House Accord signatories held £22.1 billion DC growth-phase assets in global private markets, with £11.1 billion in UK private markets, as of 31 December 2025¹. This equates to 6.6% of DC growth-phase assets invested in private markets, with 3.3% in the UK.²

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. The 17 signatories are working towards ambitions to hold 10% of DC pension assets in private markets, including 5% in UK private markets by 2030, subject to their fiduciary and regulatory duties.³

The top UK sectors invested in are:

• Property and real estate, including social and affordable housing (£8 billion)
• Infrastructure (£1.3 billion)
• Private debt and credit (£0.9 billion)
• Private equity (£0.5 billion)

In addition to the above, signatories have signed deals to invest a further £3 billion in UK private markets.⁴

Firms are at different stages in their private markets implementation journey. Over the past year, signatories have taken steps to invest more, including entering new asset-manager partnerships, establishing private-market vehicles or structures, and developing their in-house investment capability through recruitment and training.

As DC funds consolidate and grow, schemes need a steady supply of investable opportunities to quickly deploy increasingly large assets. Signatories report that 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, and a greater focus on the overall value investments can deliver for savers rather than cost alone.

Mansion House Compact

The Accord builds on firms' 2023 voluntary ambition to allocate at least 5% of their DC default funds to unlisted equities by 2030, known as the Mansion House Compact.⁵

Progress towards the Compact continues to be monitored and provide useful context, but is not directly comparable with the Accord as its scope and definitions differ.

In the ten months to 31 December 20256, signatories increased unlisted-equity investment in DC default funds by 65%, from £1.6 billion to £2.7 billion, with the total allocation portion rising from 0.6% to 0.85%. Unlisted-equity investment across broader DC assets also reached £7.46 billion by the end of 2025.

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.

Dr Yvonne Braun OBE

Director of Long-Term Savings and Health & Protection Policy at the ABI

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 £3 billion 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.

Zoe Alexander

Chief Policy Officer at Pensions UK

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.

Dame Susan Langley DBE

The Right Honourable the Lady Mayor of London

Press contacts Jemima Wright, Communications Adviser at the ABI T: 0784 167 2665 E: [email protected] Mark Smith, Head of Media Relations at Pensions UK T: 020 7601 1726 E: [email protected]

About the ABI The ABI is the definitive voice of the UK’s world-leading insurance and long-term savings industry, which is the largest sector in Europe and the third largest in the world.

We represent more than 300 firms within our membership including most household names and specialist providers, providing peace of mind to customers across the UK.

Our sector is productive, inclusive and essential to the UK economy and together, we are driving change to protect and build a thriving society. Find out more at abi.org.uk

About Pensions UK Pensions UK is the voice of pensions in the UK, trusted and heard by government and the pensions industry. For more than 100 years, we’ve delivered influential thought leadership, practical guidance and research for our members; pro-actively solving the sector’s biggest issues and setting the future direction. As a not-for-profit organisation, we exist for the benefit of our members, and to deliver the best possible outcome for savers in the UK, so they can retire in confidence and with dignity.