Private Markets


The Private Markets team invests in illiquid, privately held assets using a wide range of strategies, structures and instruments. Our team invests in the core opportunity sets of buyout and private lending and has the flexibility to pursue long-term trends across all asset groups, where we believe change or inefficiency has created attractive investment opportunities.

We assess all of our new investments for impact using the United Nations Sustainable Development Goals framework.

What type of investments are we looking for?

We look for investments that provide two distinct types of return that correspond with two pools of capital:

Illiquid Growth Fund

Illiquid investments offering the potential for significant returns through capital growth or income. We are agnostic to sector, strategy or geography.

Long-term Income Fund

Illiquid investments offering long-term income with a high degree of UK inflation linkage and low levels of risk.

Example investments

Capital Constellation

A joint venture between Alaska Permanent Fund Corporation, The Public Institution for Social Security of Kuwait and RPMI Railpen to catalyse the next generation of promising private equity and alternatives managers.

Communication technology example investments

Community Fibre

In July 2017 we invested in Community Fibre a provider of ultrafast broadband. Our investment supported the growth of its Fibre-to-the-Home (FTTH) networks in London.


In 2017 we invested in Gigaclear a company dedicated to building and operating ultrafast, pure fibre-to-the-premises broadband networks in rural Britain.