Pension capital has been promised to UK growth assets that barely exist at scale

Under the May 2025 Mansion House Accord, 17 providers pledged 10% of DC default funds to private markets by 2030 (5% UK), and the Pension Schemes Act 2026 holds a backstop mandation power (exercisable once, 2028–32, then lapsing). The supply side is thin: the British Growth Partnership's Fund I first close was only £200m (Aegon UK, NatWest Cushon, M&G); few LTAFs offer UK venture/growth exposure at institutional scale. The realistic risk is the Accord being met via overseas private markets, not UK companies.

Tens of billions in annual DC flows are the largest untapped domestic pool for scale-up capital: the stage at which UK science companies sell abroad or list in New York. Legislation created demand-side pressure; without investable vehicles the money simply exits.

A scaled pipeline of UK growth vehicles: BGP successor funds at £1bn+, LGPS-pool venture/growth platforms, and science-and-tech LTAFs with fee structures DC platforms will actually buy; a buildable opportunity for the British Business Bank, LGPS pools and commercial managers.

// Build now: First artefact: science-and-tech LTAF / BGP-successor fund with DC-friendly fees, launchable by a commercial manager today.

Tens of billions of DC flows are pledged to UK growth by 2030, but investable £1bn+ vehicles barely exist, risking the money exiting overseas absent a built pipeline.