UK - USS, the UK's second-largest defined benefit pension scheme, is expanding its alternative investments team again but is this time turning its attention to private equity.

An advertisement has been placed in UK newspapers today by the Universities Superannuation Scheme calling for applications to two private equity-driven roles: a portfolio manager and an analyst.

The £28bn (€32bn) pension fund said it is looking to hire someone who ideally has knowledge of the European small-mid market, and who will report to Mike Powell, head of alternatives, as well as join the Alternative Investments Committee for private equity investments.

The portfolio manager is expected to fulfil the usual duties in building and maintaining the portfolio construction as well as represent USS on the advisory boards of private equity funds it invests in, having built experience either at a fund of funds operation, pension fund or within the "principal investing environment".

They will also supervise and train the analyst who is also required to have a "good understanding of the private equity industry and private equity strategies".

Officials at the pension fund's alternative investments division were unable to give further information at the time of publication.

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