2025 has seen private markets move from a niche option to a central consideration for pension schemes. Trustees, sponsors and administrators increasingly face questions about how to access private assets responsibly, align them with member outcomes and manage the governance, liquidity and operational complexity these investments bring. The Pensions Regulator’s expectations are clear: schemes must demonstrate informed, evidence‑based decision making when adopting more complex allocations.

The PMI’s role is to lift professional standards so trustees and pension teams can meet those expectations with confidence. This Industry Guide brings together practitioners across the private markets ecosystem. Contributors address the key trends we are seeing, the governance, due diligence, valuation, cashflow management and reporting, alongside product designs that may broaden access for smaller schemes.

A central theme is capability. Trustees and administrators need to upskill to ask the right questions, test answers and oversee implementation effectively. The PMI will continue to support that journey through targeted education, practical tools and peer learning. We hope this guide is a practical, actionable resource that helps boards and their professional teams navigate private markets with greater clarity and confidence.

Helen Forrest Hall
Chief Strategy Officer, PMI

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