养老基金可能会进入对冲基金和私募股权，但他们只是不应该疯狂这样做，如理查德巴克斯顿建议有些是。努力运行两个单位信托和一个投资信托施罗德，在U.K.养老基金销售低价股票的趋势 - 如汇丰银行，沃达丰，BT和联合国- 拿钱并将它们纳入私募股权。根据养老基金正在进行履历，这一趋势甚至是如此Guy Fraser-Sampson那who has written a book on alternative investments, to up their allocations to private equity to 25% of their assets by 2011. Speaking to a Schroders conference, Buxton said, "The ongoing selling of U.K, equities [by pension funds]...is absolute madness - to say you ought to sell equities at these valuations to put money into private equity, which will pay crazy prices for the assets that the pension funds are selling." Still, Buxton couldn't deny what a great investment opportunity this is. "Institutional forced selling, regardless of valuations, is creating wonderful value," he said. "When it will stop, who knows? But the value is there."