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Issue 13

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| Issue 13 | Q1 2026 |

Defence & security investment | DC Survey 2026 | Sustainable timberland | DC decumulation allocations | Rebuilding Germany’s Mettlestand | USS’s Project Summerhouse | Private credit | Mercer DC Master Trust profile |

Issue Sponsors: Fiera Comox | DWS | PIMCO

The new issue, focusing on the theme of rethinking roles for private markets, contains articles on:

  • Private markets investment in defence, security and resilience
  • DC Investment Survey 2026 analysis
  • The case for investing in sustainable timberland
  • DC pension fund allocations to private markets in decumulation phase
  • Building Germany’s new Mittelstand
  • USS’s Project Summerhouse
  • Active management in private credit
  • A profile of the Mercer DC Master Trust

Articles in this issue

From co-investment-heavy portfolios to equity-based liquidity management, Mercer is using scale across its DC platform to embed private markets into its default strategy. Mercer…

As direct lending matures and other private credit areas expand, active investors can apply relative value strategies across sectors – and even entire markets – to pursue enhanced outcomes. By PIMCO’s Jason Steiner, Jason Mandinach and Russell Gannaway.

Investors are exploring where private markets can add value in the retirement phase of defined contribution pension schemes – and where the industry risks applying accumulation-stage thinking to a fundamentally different problem.

Europe’s largest economy is in a strong position to develop the next generation of critical technologies, writes Michael Lewis, head of ESG research at DWS, supported by government initiatives.

As governments accelerate spending and security priorities shift, private capital is moving deeper into the defence ecosystem. For institutional investors, the change is testing assumptions about risk, responsibility and their role in delivering security and resilience.

Jeff Zweig, partner, vice chair & head of natural capital at Fiera Comox, discusses the attributes of investing in timberland assets. Could you outline Fiera…