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This report examines the evolving relationship between UK DC pensions and private capital at a pivotal moment for both sectors. It reviews recent market and policy developments, progress and remaining barriers to private market investment, and draws on the work of UK Private Capital’s DC Pensions & Private Capital Expert Panel to set out practical recommendations for turning shared ambition into sustained investment.

This report explores the evolving relationship between the LGPS and private capital amid significant reform and growing ambition for UK investment. Developed through engagement with the UK Private Capital LGPS Expert Panel, alongside discussions with LGPS pools, administering authorities, private capital managers and other stakeholders, it examines how recent policy and pooling reforms are shaping investment strategies, governance arrangements, and approaches to local and regional growth.

This guide is designed to help private capital firms navigate the UK pensions landscape and understand how DC pension schemes make investment decisions. It provides a practical overview of DC scheme governance, regulation and the opportunities and challenges of investing in private markets.

This report demonstrates the returns generated for investors by our members to 31 December 2025. The statistics in this report are the results of the UK Private Capital’s Performance Measurement Survey, an annual survey of fund level cash flows and valuations collected from our members. For this edition of the report, we received submissions from 94 members out of a total eligible pool of 122 members, a response rate of 77%.

The South West’s growth story is built on turning strong ideas into strong companies. Investment and university spinouts are two of the clearest signals of the region’s potential. In 2025, private capital had a strong year in the South West with over £2.8 billion of investment, highlighting the wealth and diversity of a region filled with exciting businesses and opportunities for growth. At the same time, a stronger spinout pipeline is emerging from world leading universities like Bristol, Exeter, Bath and Falmouth that are creating more opportunities to back innovative companies from the earliest stages.

Yorkshire and the Humber’s growth story is built on turning strong ideas into strong companies. Investment and university spinouts are two of the clearest signals of the region’s potential. 

The North East’s growth story is built on turning strong ideas into strong companies. Investment and university spinouts are two of the clearest signals of the region’s potential. 

In 2025, VC general partners, alongside corporates and other financial investors, invested £8 billion into UK venture-stage businesses. This flow of capital plays a critical role in translating innovation into commercial success, ensuring that new ideas generate jobs, skills and economic growth across the country.

Northern Ireland’s growth story is built on turning strong ideas into strong companies. Investment and university spin-outs are two of the clearest signals of Northern Ireland’s potential. In 2025, private capital had a strong year in Northern Ireland with £384m invested into businesses, with £190m going into venture and growth capital and £194m into buyouts.

This report demonstrates the activity of the UK private equity and venture capital industry in 2025. The statistics in this report are the results of UK Private Capital's Investment Activity Study, covering fundraising, business investments and business exits. Data is sourced from a detailed member survey, supplemented by data from third party sources.

This report sets out to demonstrate the important role private capital plays in supporting the green transition. Our industry is a natural partner for the Government’s commitment to reach net zero by 2050, possessing deep pools of capital, a wealth of strategic experience and a focus on long-term value generation.

This report estimates the current direct economic activity of UK companies supported by private equity and venture capital firms within the UK economy in 2025. This provides a snapshot of the direct economic footprint of activity supported by private equity and venture capital investments - as measured by employment, employee earnings, and gross domestic product (GDP) in 2025. 

UK Private Capital’s latest Annual Review highlights the wide-ranging issues the association has addressed on behalf of the industry over the past 12 months, as well as detailing how it has supported the development of the industry through events, learning & development and other activities.

This report provides a current indication of gender and ethnicity representation within LP firms with presence in the UK. Data was requested on all investment team members who spend over 50% of their time working on private capital investment.

This is the 18th annual report on the performance of portfolio companies, a group of large, private equity (PE) owned UK businesses that met defined criteria at the time of acquisition. Its publication is one of the steps adopted by the PE industry following the publication of guidelines by Sir David Walker to improve transparency and disclosure, under the oversight of the Private Equity Reporting Group (PERG).

UK Private Capital's longstanding Vision Awards, in partnership with headline sponsor Grant Thornton and supporting sponsor Santander, continues to recognise and celebrate the best management teams backed by private capital, alongside the GPs who support them across the United Kingdom.

The data makes clear that Scotland is an exciting destination for private capital, an industry which supports the development of 639 businesses which call this nation home. These businesses bring value to local communities through the 159,000 jobs they support.

The data makes clear that the North West is an exciting destination for private capital, whose investment supports the development of 873 businesses which call this region home. These businesses bring value to local communities through the 247,000 jobs they support. 

In the lead-up to UK Private Capital's annual Summit in September, we surveyed over 85 senior decision makers in private equity and venture capital firms across the whole of the UK. This survey captured investors sentiment about the UK’s attractiveness as an investment destination, their investment plans and how the UK compares internationally. 

This report makes a series of recommendations about how to increase the amount of capital invested in high potential sectors, including those identified in the Government’s 10-year industrial strategy.