Schroders Capital and Phoenix Group are setting up a new investment firm, aiming to deploy billions in UK pension funds into private markets.
Future Growth Capital (FGC) will be launched to promote the objectives of the Mansion House compact, a commitment from the UK’s biggest pension providers, including Aviva, Legal & General, Phoenix and Scottish Widows, to shift 5% of their defined contribution default funds into private assets by 2030.
The Mansion House compact was signed a year ago and since then some of the signatories have launched dedicated solutions, such as long-term asset funds (LTAFs), to get more pension money into unlisted investments.