PMI publishes guide on private markets to support schemes
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The Pensions Management Institute has launched the Private Markets Industry Guide 2025/26 and said trustees should upskill as private markets demand deeper expertise.
Private market allocations have nearly tripled across UK pension schemes since 2019, according to the PMI, rising from 9% to 26%. It said 16% of private defined benefit assets are allocated to productive finance, including £119bn in property and other alternatives.
“Private markets have evolved from niche to increasingly mainstream in recent years, and pension schemes can’t afford to sit on the sidelines. Trustees face tough questions on access, governance and member outcomes. The regulator expects evidence-based decisions, not guesswork,” said the PMI’s chief strategy officer, Helen Forrest Hall.
“We continue to work in partnership with the industry to deliver the education, tools, and support trustees need to confidently navigate this evolving landscape and deliver better outcomes for members,” she added.
The guide contains expert opinion from market leaders and practical guidance on how to embrace existing opportunities, the PMI said, arguing that private markets demand greater skill, oversight and strategic thinking from trustees.
The PMI said the guide explores access structures, ESG integration, cost transparency, and the role of scale in unlocking value for schemes of all sizes, while addressing the challenges smaller schemes face.
The institute plans to publish further trustee guides in 2026, including one on pensions dashboards in February.
“Private markets have evolved from niche to increasingly mainstream in recent years, and pension schemes can’t afford to sit on the sidelines. Trustees face tough questions on access, governance and member outcomes. The regulator expects evidence-based decisions, not guesswork,” said the PMI’s chief strategy officer, Helen Forrest Hall.
“We continue to work in partnership with the industry to deliver the education, tools, and support trustees need to confidently navigate this evolving landscape and deliver better outcomes for members,” she added.
The guide contains expert opinion from market leaders and practical guidance on how to embrace existing opportunities, the PMI said, arguing that private markets demand greater skill, oversight and strategic thinking from trustees.
The PMI said the guide explores access structures, ESG integration, cost transparency, and the role of scale in unlocking value for schemes of all sizes, while addressing the challenges smaller schemes face.
The institute plans to publish further trustee guides in 2026, including one on pensions dashboards in February.
