XPS Group’s illiquid asset trading solution surpasses the £330m deal mark

XPS Group’s illiquid asset trading solution surpasses the £330m deal mark

23 Jul 2025

• XPS Group’s solution for trading illiquid assets on the secondary market has now facilitated over £330 million in deals
• June 2025 saw Dalriada Trustees complete the sale of a Private Equity holding, and a separate scheme complete the purchase of a Private Credit portfolio
• This comes amid the continued growth of the secondary market for trading illiquid assets as pension schemes seek to unlock value and enhance returns

XPS Group, a leading FTSE 250 pensions and insurance consulting and administration business, has today announced it has supported over £330 million in deals for pension schemes trading illiquid assets on the secondary market to date. XPS has been supporting schemes with illiquid asset transactions since 2021, and August 2024 saw the formal launch of its dedicated solution, XPS Xchange.

Last month also saw XPS Xchange supporting on two key transactions, including a purchase and a sale. Dalriada Trustees completed the sale of a ~£5 million Private Equity holding using the solution, a typically challenging asset to liquidate due to its small Net Asset Value. XPS Xchange also facilitated the purchase of a Private Credit portfolio by a pension scheme, enabling the scheme to reduce its deficit immediately and improve long-term return expectations.

These outcomes were made possible through XPS Xchange’s extensive network of brokers, legal advisors, and other market participants—including Setter Capital and Morgan Lewis.

James Kidd, Head of XPS Xchange, XPS Group commented:
“The Pension Schemes Bill, which was put before Parliament last month, has put renewed emphasis on productive investment strategies and long-term surplus creation. This means that pension schemes are under increasing pressure to manage illiquid assets more strategically. XPS Xchange was created to help trustees unlock illiquid assets of any class or size, assets which have historically hindered strategic investment decisions. Working across two key transactions last month, for a buyer and a seller, highlights just how effective the platform is in achieving this brief.”

Gregor Law, Professional Trustee, Dalriada Trustees added:
“The XPS Xchange team stand out for us in this space because of their excellent project management of secondary trades. Their team worked seamlessly with the day-to-day investment consulting team, and with the support of the Morgan Lewis and Setter Capital teams. There was an added element of time pressure to complete our transaction by the end of June, but XPS and the advisors worked diligently to talk the trustee through and agree the Purchase and Sale Agreement, transfer agreement and tax certifications.”​​​