Marvin OnumonuAegon UK is expanding its private market approach into the £12bn Aegon LifePath strategy, which covers more than 375,000 pension savers.
From summer 2026, Aegon LifePath will invest in a wider range of asset classes including global private markets, protected equities and multi-asset credit.
Private market investments will be accessed through three long-term asset funds managed by Aegon Asset Management, BlackRock and J.P. Morgan Asset Management.
The plan is to target a 20% allocation in the growth stage and an 8% allocation at retirement.
This move follows the ongoing integration of private markets within Aegon UK’s largest workplace default fund, the £14bn Universal Balanced Collection.
The changes aim to further align the Universal Balanced Collection and Aegon LifePath default strategies.
Lorna Blyth, managing director – investment proposition at Aegon UK, said: “Back in 2024, we created the blueprint for integrating private markets into existing workplace default funds.
“We are now taking the next step towards offering improved long-term growth potential and portfolio resilience for pension savers, while further aligning our £14 billion Universal Balanced Collection and £12 billion Aegon LifePath strategies.
“These innovative enhancements, combined with our proven ability to deliver the necessary breadth and pace required, position us as industry leaders in providing DC pension savers access to investments that have previously been out of reach.”
Blyth added: “Aegon is committed to ensuring consistency, scale, and resilience across our default investment options.”
Graeme Griffiths, trustee and chair of the Aegon Master Trust Investment Committee, said: “As the retirement landscape continues to evolve, our collaboration with Aegon UK has resulted in the creation of Aegon LifePath, a default fund that is both robust and adaptable.
“We believe the further changes to the fund – to include private market investments – offer the potential to deliver strong growth to our members over their working lives and beyond and to provide improved resilience during volatile markets.
“The planned changes to our default fund mean every member invested in Aegon LifePath can benefit further from a strategy that has been carefully designed to meet their future needs.”
Griffiths added: “By working closely together with Aegon UK, we believe we have created opportunities that truly address the requirements of our diverse set of members.”
