The BVCA, in partnership with the ABI and PLSA, has convened the Pensions & Private Capital Expert Panel (the ‘Expert Panel’) to oversee, monitor and report on the progress in delivering the commitments set out in the Investment Compact for Venture Capital & Growth Equity. The Expert Panel is formed of senior representatives from the pensions and private capital industries and their respective trade bodies and will be led by former BVCA Chair, Kerry Baldwin (Managing Partner, IQ Capital).
The Expert Panel represents firms from across the private capital and pension industry including large DC master trusts and pensions platforms, the venture capital and growth equity industry and Fund of Funds.
The Expert Panel is composed of the following members:
Michael Moore
Michael Moore is Chief Executive of the British Private Equity and Venture Capital Association.
Michael and his colleagues are focused on supporting the development of the private capital industry, as it invests in thousands of businesses and supports millions of jobs across the UK. As policymakers work on the competitiveness of the UK’s investment climate, Michael is confident that private equity and venture capital will continue to create significant public value through investment in growth, innovation and people.
Over the past 30 years Michael has operated at senior levels in both politics and business. In his political career he served in the Cabinet at the time of the Coalition Government, as Secretary of State for Scotland. He was a Member of Parliament for 18 years.
After the 2015 General Election, Michael became a Senior Advisor at PwC. Prior to entering politics, he qualified as a chartered accountant with the firm.
Core objectives
The Expert Panel will be tasked to:
- Build relationships and represent the key stakeholders from the private capital and pensions industries and foster the constructive working relationships necessary to deliver the desired outcomes from the Compact.
- Oversee the project work required to ensure that the Compact’s desired outcomes are advanced as far as possible in the next year and that, through regular public reporting, there is accountability to industry and external stakeholders (including HM Treasury and the Pensions Regulator).
- Agree the key structural, technical and other issues which must be addressed to deliver the desired Compact outcomes and approve the high-level project plan and workstreams of the working group to support the work of the Expert Panel.
- Engage appropriately (either directly or through the Pensions & Private Capital Technical Expert Group) to improve the level of understanding between the private capital and pensions industries and foster a greater understanding of the role of venture capital and growth equity in delivering returns for beneficiaries; liaise with the City of London Corporation and others responsible for the delivery of the Mansion House Compact to ensure the objectives and related work are complementary and focused on shared outcomes.
Identifying solutions
The Expert Panel will focus on identifying solutions to the key structural, technical and wider issues that currently prove a barrier to pension fund investment. The Expert Panel will steer the work of the Technical Expert Group and considered potential themes for progress in addressing the barriers to investment. This includes stakeholder engagement and education; greater transparency; considering investment time horizons; analysing market infrastructure and the role of platforms and life wrappers; building understanding of returns and net value; and learning from features of other pension systems around the world.
The Technical Expert Group
The Technical Expert Group (TEG) is formed to work alongside the Expert Panel to develop the solutions to help remove specific barriers to DC investment in private capital.
Over 40 technical experts from across the pensions and private capital industry are represented on the TEG, including: ABI; Adams Street; Albion; Apposite Capital; Aviva; BBB; BGF; Bridges Fund Management; BVCA; CMS; Dalriada Trustees; EY; Fried Frank; ICG; Insight Investments; Investment Association; LCP; Macfarlanes; Molten; Pantheon; Phoenix Group; PLSA; PwC; Schroders; Simmons & Simmons; Slaughter and May; Travers Smith; USS; and WTW.
Over 40 technical experts from across the pensions and private capital industry are represented on the TEG, including: ABI; Adams Street; Albion; Apposite Capital; Aviva; BBB; BGF; Bridges Fund Management; BVCA; CMS; Dalriada Trustees; EY; Fried Frank; ICG; Insight Investments; Investment Association; LCP; Macfarlanes; Molten; Pantheon; Phoenix Group; PLSA; PwC; Schroders; Simmons & Simmons; Slaughter and May; Travers Smith; USS; and WTW.
Key Documents
- Pensions & Private Capital Expert Panel Meeting Minutes (15 July)
- Pensions & Private Capital Expert Panel Meeting Minutes (7 May)
- BVCA letter to Chancellor Jeremy Hunt (28 February 2024)
- PwC Report to the Pensions & Private Capital Expert Panel (26 February 2024)
- Pensions & Private Capital Expert Panel Meeting Minutes (13 February 2024)
Key dates and reporting milestones
The Expert Panel will meet on a quarterly basis from February 2024.
The first meeting was held on 13 February 2024 and the BVCA has written to the Chancellor to provide an update on the first meeting.
The Expert Panel will aim to provide interim reports to stakeholders to coincide with the Spring Budget on 6 March and the anniversary of the Chancellor’s Mansion House speech and Compact in July.
The Expert Panel will deliver a report on progress at the UK Pensions Summit, launched by the BVCA to connect industry representatives and stakeholders on the 11 September.
The Expert Panel will review progress and consider any further recommendations to HM Treasury and other stakeholders in January 2025 and determine any final report in early 2025.
"The launch of the BVCA’s Expert Panel shows there is real momentum behind our Mansion House reforms. Seeing industry leaders from our pension funds and growth investors come together to tackle the barriers to greater private investment is good for savers and good for business, and I look forward to seeing the results of the Panel’s work.”
Pensions & Private Capital Expert Panel Interim Report
The Expert Panel's interim report sets out recommendations for a series of structural, technical and wider policy options designed to contribute towards better outcomes for UK savers in DC pension schemes and greater investment in high growth businesses in the UK.
