Aviva is increasing private markets allocations in its default pension funds, doubling exposure to between 20% and 25% under its new My Future Vision strategy, Bloomberg reports.

The allocation, up from about 10% in its previous My Future Focus plan, will include private equity, real estate, infrastructure, and private credit.

To deliver the strategy, Aviva has partnered with leading private markets managers including Neuberger, StepStone Group, KKR, Invesco, and Apollo Global Management. The move aligns with UK government initiatives such as the Mansion House Compact and Accord, which aim to boost investment in domestic private assets.

“We believe it will support increased investment in the UK, alongside better access to opportunities in global private markets,” said Mark Versey, Chief Executive Officer of Aviva Investors. He added that the firm may bring additional alternative managers on board in the future.

The shift comes as pension funds and wealth platforms push to widen access to private markets, seeking improved returns and diversification at a time when many companies remain private for longer. 

For private equity firms, the initiative highlights growing demand from retail channels, as large institutions increasingly bring alternative strategies to individual investors.

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