The Universities Superannuation Scheme, the second-largest pension scheme in the UK with over £30bn of assets, has decided to invest directly in infrastructure projects - a rare move among UK retirement funds, which traditionally invest in the asset class through specialist managers.

The pension scheme was revealed to be involved in a consortium bidding for the high-speed rail link from London to the Channel Tunnel this week. USS is involved alongside Eurotunnel, which operates the rail link within the tunnel itself, two infrastructure funds run by Goldman Sachs and M&G Investments, and the infrastructure arm of French state-backed investment group Caisse des Dépôts.