New U.K. rules boost private equity investment

The U.K. government today announced new rules that will allow local government schemes to increase private equity holdings to 15% of assets, from 10%. The new rules will take effect Nov. 19, said Phil Hope, local government minister. "Authorities that take advantage of these new regulations will have greater freedom to maximize pension fund returns," Mr. Hope said in a statement. Britain's local authority market has about £80 billion ($135 billion) in combined assets.