Oct. 25 Quick Takes: U.K. takes next step in pension fund reforms

A group of 20 U.K.-based VCs have committed to supporting the implementation of the Mansion House reforms initiative aiming to boost U.K. pension fund investments into high-growth private companies. The voluntary Venture Capital Investment Compact commits the investors to attracting U.K. pension funds as LPs in funds they manage; partnering with pension investors to develop investment structures that fit their needs; and sharing best practices and rules of engagement for working in the private markets with pension fund schemes. Life sciences investors who signed the compact include Abingworth, Cambridge Innovation Capital, Epidarex, Oxford Science Enterprises (OSE) and SV Health Investors.

The agreement follows the Mansion House Compact, signed in July, which committed nine of the U.K.’s largest pension funds — representing about £1 trillion ($1.3 trillion) in assets — to allocate at least 5% of investments into unlisted equities by 2030. According to the City of London Corp., only about 0.5% of U.K. pension fund assets are invested in unlisted equities...