UK Pension Funds Agree to Invest 5% of Assets in Startups (2)

The UK government announced an agreement between nine of Britain’s largest pension providers to boost their investment in growth companies, a move it said could unlock £50 billion ($64 billion) if the rest of the industry follows suit.

Aviva Plc, Legal & General Group Plc and M&G Plc are among the firms to have joined the compact, which commits them to allocating 5% of assets in their default funds to unlisted stocks by 2030, Chancellor of the Exchequer Jeremy Hunt said in the annual Mansion House address on Monday evening. The pact — first reported by Bloomberg last week ...