The UK’s largest pension fund, Universities Superannuation Scheme (USS), has acquired a majority interest in private credit manager Venn Partners.
According to the £77bn pension fund, its partnership with Venn reflects its push into the UK residential market, providing finance that supports the development of sustainable homes.
Venn Partners, which manages private credit strategies within the UK residential sector, said USS’s investment will help the firm further deploy capital across the UK housing market.
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“This new partnership reflects USS’s support for the UK residential market, a sector that can deliver high-quality, long-duration, inflation-linked exposure, while also providing valuable housing options across the UK,” said Eamon Ray, head of private credit at USS Investment Management. “Venn’s approach aligns with USS’s philosophy of deploying capital responsibly and at scale into sectors of strategic importance, and we have been impressed by its capabilities to deliver long-term financing solutions for major patient-capital investors and on behalf of the UK government.”
Venn currently manages in excess of £10bn across four strategies in the UK, as well as a residential mortgage strategy in the Netherlands. Of the private credit manager’s UK offering, two strategies support the development of new homes in the affordable housing and private rental sectors, while the other two allow homeownership for households underserved by traditional mortgage products.
The firm operates two separate lending programmes on behalf of the UK Government and deployed over £1.8bn of capital across all mandates in 2025.
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“With these foundations and a strong track record in place, we are excited by the growth opportunity that lies ahead and are delighted that USS has agreed to join us on this journey,” said Gary McKenzie-Smith, managing partner of Venn. “As a proven and highly-regarded institutional investor with a shared culture and vision, we are confident that our partnership with USS will be able to unlock Venn’s ambitious plans as well as meet their long-term investment goals.”
The transaction is expected to complete in the second quarter of 2026.
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