Are we at a watershed moment in UK PLC’s attitude towards pensions? Will pension schemes start to be seen as an asset, instead of a liability to be managed?

In this Quick Take episode, we’re joined by LCP Partners Steve Hodder and David Fairs to discuss a first-of-its-kind transaction, where Aberdeen Group has taken over as sponsoring employer of the £1.2bn Stagecoach Group Pension Scheme (a DB pension scheme). In particular, we discuss what happened, motives of the different stakeholders (Aberdeen, Stagecoach, and perhaps most importantly, members) and what this might mean more broadly for both regulation and UK PLC behaviour.

The illiquidity premium (the extra return investors seek for locking up capital in private markets) has long been a cornerstone of alternative investing. But with rising interest rates, massive inflows into private markets, and evolving macro conditions, how reliable is this premium today, and how should investors think about capturing it?

In this episode of Investment Uncut, we speak to Tony Davidow (Senior Alternative Investment Strategist at the Franklin Templeton Institute), a leading expert in private markets and alternative investments, to explore the nature of the illiquidity premium. We discuss how it has evolved over the past decade, the risks and rewards across private equity, credit, and real assets, and what investors should watch for over the next 5–10 years.

What happens when investors suddenly find themselves holding far more illiquid assets than they ever planned?

Join us as we speak to James Fermont (Partner and senior member of LCP’s Illiquid Asset Solutions Group) to explore how to unlock value in secondary market transactions. From liquidity workarounds to broker-led sales, online platforms and direct deals, we examine the practical routes to exit illiquids, how to judge value in an opaque market, and why pricing isn’t always the only metric that matters. For anyone navigating today’s secondary market – whether selling under time pressure or looking to buy quality assets at a discount – this conversation offers a clear, grounded guide through a fast-evolving landscape.

Commodity markets (from oil and gas to metals and agriculture) have been on a rollercoaster in recent years, driven by shifting inflation dynamics, geopolitics, and changing investor sentiment. With so much flux, can commodities still serve as an effective diversifier in a global portfolio?

In this episode of investment uncut, we speak to Chris Watling, CEO and Chief Market Strategist at Longview Economics, to unpack where we are in the commodity cycle, whether talk of a new “supercycle” is justified, and how investors should approach commodities today. We discuss misconceptions, the impact of global tensions on trade flows, and where the biggest opportunities and risks may lie over the next few years.

The UK Autumn Budget 2025 – one of the most highly anticipated Budgets in recent history. Speculation has been building (even the government getting involved) around tax changes, and of course the “will they won’t they” on breaking the manifesto.

In this episode of The Quick Take, we unpick what could happen and what that might mean, ahead of the day itself. And who better to help, but former pensions minister and LCP Partner, Sir Steve Webb! Steve helps us understand the way government might be thinking about the tricky decisions ahead, what’s different this time, and what else we should look out for, aside from big tax headlines.

Climate change has been an increasingly hot topic (pun intended) in recent years, yet its direction isn’t always clear. Different world leaders take different stances and at times there is an unclear balance between the actions of governments, regulators and investor groups.

Chris Dodwell, Head of Policy and Advocacy at Impax Asset Management, helps us understand what to expect from COP30*, but more importantly how we can expect real world change to play out, and who plays the most critical role in this fight. He gives us reasons for optimism, highlights key innovations and explains why tackling climate change naturally aligns with broader business planning.

*COP30 is the 30th annual climate conference (“Conference of the Parties”), where world leaders get together to discuss ambitions, commitments and plans to tackle climate change in the future.

Six months on from “Liberation Day” and with tariffs still six times higher than at the start of the year, how has the global economy responded and what happens next?

Initially billed as a way to rebuild supply chains, bring manufacturing back onshore, and reduce US dependence on imports, the reality has proven more complex. In this episode of The Quick Take, we speak to Anais Caldwell-Jones (Principal at LCP and member of our macroeconomic team) to explore how other major economies have responded to US tariffs, what is the impact on the macroeconomic picture, the market reaction so far, and what investors should be on the lookout in the near future.

Impact investing has rapidly moved up the policy agenda – with the Better Futures Fund, the Mansion House compact and renewed questions around fiduciary duty all signalling that finance can no longer ignore social outcomes. But what does it actually mean to invest for both financial return and societal benefit – and can those aims truly align rather than trade off?

For this episode of The Quick Take, we’re exploring one of the big questions investors are asking right now: What are the best alternative credit ideas when headline spreads are tight? Credit spreads are currently at historically low levels, making it harder for investors to be adequately compensated for risk. While many have turned to asset-backed securities for better yield (which we still like), there are other opportunities worth considering.

In this episode, we speak with Nick Cooney, Partner at LCP and Head of Credit Research, about ways to earn yield within the credit space without taking on excessive risk.

Market valuations on major asset classes are at historically high levels. But does that mean we’ve reached the point where nothing is attractive? And if we’re at that point, how should we think about constructing an investment portfolio?

Howard Marks is ideally placed to help our listeners grapple with these questions – he’s been investing since 1969 and at the helm of Oaktree Capital since it began in 1995.