Big pension schemes are pushing back on private market fees

Schemes offer evergreen investment and cut managers to secure improved terms

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Some of the UK’s largest pension schemes have renegotiated private market fund fees by offering more attractive investment commitments, in some cases, and cutting the number of managers they invest with in others.

Speaking at an industry event, the chief investment officer of the £24 billion National Employers Savings Trust (NEST) said the pension scheme had convinced private equity managers to slash performance fees. “Everyone pretty much said ‘You’ll never do it,’ and yet, we’ve managed to

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