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# Railpen
- URL: https://entrepreneurplus.co.uk/investors/railpen/
- Published: 2026-11-11T14:46:38.000Z
- Updated: 2026-11-11T14:46:38.000Z
- Description: UK railways pension manager (c. GBP 36bn) investing in private markets; backed CMR Surgical and Gousto
- Author: Editorial Desk
- Tags: #ep-investor

![Railpen logo](https://storage.ghost.io/c/05/a4/05a4a052-18ab-4836-8924-ec8b322c371c/content/images/2026/10/railpen-logo.svg) 

UK railways pension manager (c. GBP 36bn) investing in private markets; backed CMR Surgical and Gousto

- Venture capital
- London

Type

Venture capital

Based in

London

Stages

Series B+, Growth

Sector focus

Sector-agnostic

Fund size

c. GBP 36bn assets under management

Founded

1965

Website

[railpen.com](https://www.railpen.com/?ref=entrepreneurplus.co.uk)

Railpen manages around GBP 36 billion for more than 350,000 members of the UK railways pension schemes. It began in 1965 as the pensions office for the British Rail Pension Scheme, started in Darlington and later expanded to London. Its diversified approach spans public markets, private markets and real assets, with about GBP 15 billion committed to UK property, infrastructure, energy and innovation. Rather than a venture fund, it is a pension investor that occasionally joins later-stage private rounds of UK growth companies: it took part in CMR Surgical's 2021 Series D and in a 2022 secondary transaction in Gousto. Listed here as a growth investor, not an early-stage backer.

## Team

- **Andy Bord**, Chief Executive
- **Mads Gosvig**, Chief Officer, Pensions Investment Management

## Portfolio in the directory

- [CCMR Surgical](https://entrepreneurplus.co.uk/startups/cmr-surgical/)
- [![](https://storage.ghost.io/c/05/a4/05a4a052-18ab-4836-8924-ec8b322c371c/content/images/2026/10/starling-bank-logo.png)Starling Bank](https://entrepreneurplus.co.uk/startups/starling-bank/)

[LinkedIn](https://www.linkedin.com/company/railpen/?ref=entrepreneurplus.co.uk)

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