USS appoints new CEO of investments

His responsibilities include overseeing the investment strategy governing the scheme's £64bn in assets.

Pilcher replaces Roger Gray, who is expected to depart after a decade in the role, at the end of September.

Pilcher joins from M&G Prudential, where he served as CEO of institutional fixed income business and chairman of real estate. He previously worked for Morgan Grenfell.

USS has invested £4.3bn in private equity funds and co-investments, and around £1bn in direct private equity.

Some of the latest commitments in private equity include Mayfair Equity Partners II and EQT VIII.

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