The Universities Superannuation Scheme, the UK’s biggest pension fund, has opened its £1bn defined contribution section up to private market assets — a rare move that could spur further interest in off-market investments.

USS said that, from next month, the investment remit of its DC funds would expand “to include an allocation to private markets”. It had “developed a solution” to achieve this “with no extra cost to members or to their employers”, the scheme added.