UK - USS commits £383m to US buyout fund

nicola
19 June 2008

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The Universities Superannuation Scheme (USS), the UK's second largest pension fund, is planning to commit ТЃ383m (USD 750m) to the maiden fund from Boston-based private equity fund-of-funds group Constitution Capital Partners.

The investment will make USS the biggest LP in the new vehicle, which is seeking to raise approximately USD 1bn. USS will also acquire a 10% stake in the management company of the private equity group.

USS currently has a 5% allocation to alternative asset classes including private equity and plans to increase this to 20%.

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