Illiquid assets throw UK pensions off balance

Collapse in equity and bond prices leaves some funds with outsized exposure to private holdings

Liquidity imbalance

A dire year for public assets has caused UK pension funds’ allocation to illiquid investments to balloon as a proportion of their overall portfolio, raising the prospect that firms may be forced to sell holdings such as private equity, commodities or real estate.

Rising rates, stubbornly high inflation and geopolitical instability have battered the price of public market assets that are the bedrock of UK pension portfolios. Year-to-date, the FTSE 100 and S&P 500 are down 6% and 20%

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