The insolvency application for broadband provider G.Network last month was yet another blow to the Universities Superannuation Scheme.
The UK’s largest private pension fund had invested close to £300mn in the upstart broadband provider in the depths of the coronavirus pandemic, only to have its equity stake wiped out in a forced sale to a distressed debt specialist five years later.
On the heels of a disastrous billion-pound writedown in its holding in Thames Water, and a failed investment in battery-maker Northvolt, questions are now being raised over USS’s push into private markets.
“Nothing ever looks very good in terms of what they’ve invested in,” said one USS member, who declined to be named.
Another said transparency…
