Chief investment officer Joe McDonnell signaled that the U.S. market has become overly concentrated, driven by the recent fervor surrounding artificial intelligence. While the fund will maintain its footprint in U.S. private assets, the move reflects a broader strategic pivot to avoid the volatility inherent in mega-cap technology stocks.

Beyond public markets, B2C is distancing its private credit strategy from retail-facing funds. McDonnell expressed concern over the liquidity risks posed by retail investors, who may trigger sudden outflows and market instability. The fund intends to continue its commitment to private markets, planning to invest £20 billion over the next five years, provided those investments remain insulated from retail volatility.