London Stocks Shunned as UK Pensions Pile Into Private Firms

UK defined benefit pension plans are piling into private companies with nearly half of their equity exposure now made up of unquoted shares, a knock to efforts to revitalize the City of London’s public markets.

Unlisted equities last year made up about 45% of their equity exposure on average compared with less than 18% in 2020, according to a report by the Pension Protection Fund. The numbers are based on a weighted average.