UK pension funds are big, numerous and most are looking for the kind of superior returns that can be delivered by alternative asset classes such as private equity. Shouldn't there be more of them investing greater percentages of their capital in such alternatives therefore? Philip Borel looks at the reasons why this hasn't been happening and asks: are the fund trustees to blame?
When Paul Myners, in March 2001, published his groundbreaking review of UK institutional investment that was sponsored by the government, an important part of his message to Britain's pension fund industry was: ‘get investing in private equity – now’.
At the time, public and private pension schemes in the UK had on average less than one per cent of their capital committed to the asset class.
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