Changing World, New Opportunities Dan Mikulskis on value for money, private markets and profit for members
Oct 23, 2025
Dan Mikulskis, Chief Investment Officer of People’s Partnership and former podcast host, dives into the world of asset management. He shares insights on why they shifted to an in-house asset ownership model and the advantages of segregated mandates. Dan discusses the excitement surrounding private markets like real estate and infrastructure, the importance of responsible investment policies, and navigating the complexities of the Pensions Bill. He also emphasizes the significance of member experience and technology in retirement planning.
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Make Performance Fees Member-Friendly
- Only accept performance fees if structured fairly for members: use European waterfalls, proper hurdles and accruals.
- Avoid standard pooled-fund fee terms unless you can control the fee design to align with member outcomes.
Signing The Mansion House Accord
- People's Pension signed the Mansion House Accord after it expanded to include real estate and infrastructure, aligning with their plans.
- Dan emphasized they will deploy cautiously into large default allocations, focusing first on initial deployment milestones.
Home Bias Has A Real Private Markets Edge
- Dan thinks private markets warrant a home bias due to currency hedging costs and lower management costs for local assets.
- He estimates a meaningful tilt to UK private assets versus global equivalents because home exposure often has an edge.