Hermes Private Equity, the BT Pension Scheme's in-house buyout team, has received a £300m (€441m) fillip from its parent and hired five additional staff, taking its total headcount to 14.

The £38bn BT fund, the UK's largest, has earmarked the £300m for Hermes Private Equity's third fund, following the trustees' decision to double the overall allocation to buyouts from 2% of scheme assets to 4%.