USS promotes Horsnall to head of direct private equity

The move forms part of the LP's increased focus on direct investment, with the firm issuing a statement that said the strategy would provide superior after-cost risk-adjusted returns and greater governance over its investments. However, the scheme also said it will continue to operate as a significant limited partner.

USS made its first two direct investments via the acquisition of UK motorway service stations business Moto, which it wholly acquired in October 2015, and crematoria and cemeteries operator Westerleigh Group, which it acquired alongside Ontario Teachers Pension Plan in November 2016.

Horsnall joined USS in January 2010 and is promoted from his role of senior investment manager in the private markets team. Prior to joining the firm, he spent two and a half years at 3i and three years in the corporate finance team at Shipleys.

Hewson leaves his role as director at Alchemy Partners after 10 years with the firm. Prior to joining Alchemy, he was a director in the leveraged finance team at Barclays Bank.

As part of the increased focus on direct investments, USS has also appointed Craig McAllister as investment manager in the real assets team and Rob Brindley as investment manager in the private credit and special situations team.

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