NOW: Pensions Trust explores illiquid assets in 2025

NOW: Pensions Trust has published its Statement of Investment Principles for year end May 2025. The Trust is researching illiquid assets, with a plan to build up the allocation within the now: growth fund over the coming few years, with an initial target of 5% (page 21). The Trustee believes that illiquid investments can improve value and risk-adjusted returns for members (page 21). The allocation to illiquid assets will vary depending on the member’s proximity to retirement (page 21). The type of illiquid asset to be held is not restricted and may include property, private equity, and private debt (page 21).