London-based asset manager Fidelity International has unveiled the first 10 managers selected for its private markets partner network as assets in its FutureWise defined contribution default strategy surpassed £25bn (€29.7bn).
The FutureWise workplace pension strategy has grown from £6.5bn since adopting a target date fund (TDF) structure in 2022, according to Fidelity.
The manager said the strategy became the first investor in its Diversified Private Assets long-term asset fund (LTAF) following the vehicle’s launch in early 2025, with allocations expected to rise gradually over a three-year period.
FutureWise is targeting a 15% allocation to the LTAF during members’ growth phase, providing exposure to private equity, private credit, infrastructure and real estate within a default DC arrangement.
The announcement comes as the UK government continues to push pension consolidation and “megafund” development across the DC market, with policymakers arguing that larger schemes can improve governance, reduce costs and support greater investment into productive finance and private assets.
Yesterday, London-based insurer and asset manager Legal & General announced its Lifetime Advantage Funds surpassed £25bn (€29.7bn) in assets under management, noting its fund range had already reached the scale envisaged under the UK government’s consolidation agenda, set out in the 2026 Pension Schemes Bill, which calls for all DC multi-employer schemes to operate a main default fund with at least £25bn in assets by 2030.
Fidelity said FutureWise is expected to exceed £40bn in assets by 2030.
Fidelity’s private markets 10-partner network includes Ares Management Corporation, Bridges Fund Management, Crescent Capital Group, Churchill Asset Management, CVC Capital Partners, DigitalBridge, Fidelity International, Haveli Investments, Hg and Stonepeak.
The managers span private equity, private credit, infrastructure, digital infrastructure, real estate and impact investing.
James Monk, investment director for FutureWise at Fidelity International, said: “Since introducing the Target Date Fund structure in November 2022, assets in FutureWise have grown from £6.5bn to £25bn – a reflection of the strong demand for a simplified, outcome-focused default solution.”
He added: “Indeed, we expect FutureWise to exceed £40bn of assets by 2030 through continued organic growth, reinforcing its position to meet the scale threshold set out in the Pension Schemes Act.”
Vivian Liu, head of private markets portfolio management at Fidelity International, said the partner network combined specialist manager expertise with Fidelity’s “portfolio construction, governance and long-term oversight capabilities”.
