Fidelity International today announces that FutureWise, its default investment strategy for UK-based workplace pension schemes, has surpassed £25 billion in assets under management (AUM).
FutureWise has evolved significantly in recent years. In 2022, the strategy adopted a Target Date Fund (TDF) structure, enabling a more dynamic and innovative approach to supporting members’ long-term retirement outcomes.
As part of its continued development, FutureWise became the first investor in Fidelity’s Diversified Private Assets Long-Term Asset Fund (LTAF) in early 2025 following the Fund’s launch, with exposure set to increase gradually over a three-year period. The strategy is targeting a 15% allocation to the LTAF during the growth phase, providing members with meaningful access to private markets within a default pension solution.
Marking over one year since integration began, Fidelity today unveils its Private Markets Partner Network – a group of leading global General Partners (GPs) selected by Fidelity’s experienced investment team and invested in by the LTAF. The network provides diversified and specialist exposure across private equity, private credit, infrastructure and real estate, and currently represents the curated selection of funds and strategies from each partner presently held in the Fidelity Diversified Private Assets LTAF.
The first 10 GPs selected by the LTAF span private equity, private credit, infrastructure and real estate – with additional partnerships expected as the allocation scales toward its long-term target. This phased implementation is designed to broaden the investment opportunity set available to members, enhance portfolio diversification, and support improved risk-adjusted outcomes over the long term.
Fidelity’s Private Markets Partner Network
| General Partner | Information |
| Ares Management Corporation | Ares is a leading global alternative investment manager offering clients complementary primary and secondary solutions across the credit, real estate, private equity and infrastructure asset classes. Within its Credit business, Ares manages over $420 billion in assets, as of March 31 2026. |
| Bridges Fund Management | Bridges is an impact focused private markets manager that has a long history investing in the UK market, with the private equity business first launched in 2002, and the property platform launched in 2009. |
| Crescent Capital Group | Crescent is considered one of the founding managers in the private credit market, with a track record in non-bank and mezzanine lending that dates back to the mid-1990s. |
| Churchill Asset Management | Churchill is a leading private credit investor in North America, specialising in financing solutions to middle-market private equity firms and portfolio companies in the US, often ranking in the top three in their market category. |
| CVC Capital Partners | CVC is widely recognised as one of the world’s leading private markets firms with a strong position to take advantage of market growth opportunities. |
| DigitalBridge | DigitalBridge is a digital infrastructure specialist manager focused on mid-to-large-cap investments across geographies (including North America, Europe, Asia) and sectors (including datacentres, towers, fibre). |
| Fidelity International | Fidelity is a privately owned global asset manager, founded in 1969, with a boutique style real estate platform. Established 20 years ago, the Real Estate business has grown to 47 professionals across five European hubs, combining specialist agility with global resources. |
| Haveli Investments | Haveli is a mid-market technology-focused private equity firm, founded in 2021, with two dedicated software and gaming strategies, led by an experienced team with deep enterprise software expertise and strong deal execution capabilities. |
| Hg | Hg is a leading European investor focused on technology, data and services businesses. Hg has long track record since 2001, having significantly scaled its platform over the past decade. |
| Stonepeak | Stonepeak is a leading alternative investment firm specialising in infrastructure and real assets. Founded in 2011, the firm is the world’s largest independent infrastructure investor. |
James Monk, Investment Director for FutureWise, Fidelity International comments: “Since introducing the Target Date Fund structure in November 2022, assets in FutureWise have grown from £6.5 billion to £25 billion – a reflection of the strong demand for a simplified, outcome-focused default solution. Moving to a TDF structure has enabled us to accelerate innovation, enhance governance and deliver a clearer investment journey for members to-and-through retirement.
“Having recently marked three years since adopting the TDF structure, this latest milestone demonstrates the strength and scalability of the strategy. Indeed, we expect FutureWise to exceed £40 billion of assets by 2030 through continued organic growth, reinforcing its position to meet the scale threshold set out in the Pension Schemes Act.”
Vivian Liu, Head of Private Markets Portfolio Management at Fidelity International adds: “More than one year on from the launch of the Fidelity Diversified Private Assets LTAF, we are pleased to unveil our Private Markets Partner Network. We have carefully selected a group of specialist General Partners to provide diversified exposure across private markets. By combining their sector expertise with Fidelity’s portfolio construction, governance and long-term oversight capabilities, we are delivering institutional-quality private markets access within a structure purpose-built to improve long-term outcomes.”
