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

Under the May 2025 Mansion House Accord, seventeen providers pledged 10 per cent of DC default funds to private markets by 2030, 5 per cent of it in the UK, and the Pension Schemes Act 2026 holds a backstop mandation power exercisable once between 2028 and 2032. The supply side is thin. The British Growth Partnership's first fund closed at £200m, with Aegon UK, NatWest Cushon and M&G participating, and few long-term asset funds offer UK venture or growth exposure at institutional scale. The realistic risk is the Accord being met through overseas private markets rather than 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: British Growth Partnership successor funds at £1bn and above, LGPS-pool venture and growth platforms, and science and technology LTAFs with fee structures DC platforms will actually buy. The British Business Bank, the LGPS pools and commercial managers could all build.

// 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, and investable £1bn-plus vehicles barely exist, so the money risks exiting overseas.