# CAAPS

CAAPS is a Pension Fund based in Crawley, United Kingdom.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Crawley, United Kingdom
- **Region:** Europe
- **Address:** Aviation House, Beehive Ring Road West Sussex
- **Assets under management:** 1748 (Altss estimate)
- **Website:** www.caaps.co.uk
- **LinkedIn:** https://www.linkedin.com/company/capital-asian-american-professional-society

## Regulatory record

- **Reports private funds:** No

## About

CAAPS operates as the pension arrangement for the Civil Aviation Authority and participating employers including NATS Limited. The scheme was established to deliver retirement benefits to aviation sector employees. Its structure separates investment management from the sponsoring employers through an independent trustee board. The portfolio allocates across direct UK property holdings, insured annuity buy-ins totaling £1.71 billion, and commitments to private equity and infrastructure funds. Confirmed positions include Tri-Pillar Infrastructure Fund Ltd and EMCO/Hanover Group. Geographic exposure centers on the United Kingdom with additional holdings in the United States and Jersey. Asset classes span real estate, private equity, and fixed income de-risking instruments. The scheme maintains 10 service providers including Aon as investment advisor, Mercer as scheme actuary, and Northern Trust as custodian. A 2023 Central Committee Meeting addressed annual report review and trustee governance. CAAPS holds membership in the Pensions and Lifetime Savings Association. Governance rests with an independent trustee board chaired by Joanna Matthews, creating separation between the scheme and its principal employer, the Civil Aviation Authority.

## Sectors

- Diversified
- Infrastructure
- Private Equity

## People

- Joanna Matthews — Independent Chair of the Board of Trustees
- Jeff Butler — Pensions Director

## Questions

### Who runs investment decisions at CAAPS?

Joanna Matthews serves as Independent Chair of the Board of Trustees. Jeff Butler acts as Pensions Director. BlackRock serves as fiduciary manager under the trustees' oversight.

### Does CAAPS participate in fund commitments or only direct deals?

The scheme holds direct property assets and participates as limited partner in infrastructure and private equity funds including Tri-Pillar Infrastructure Fund Ltd.

### How is CAAPS related to the Civil Aviation Authority?

The Civil Aviation Authority is the principal employer and sponsoring entity. NATS Limited participates as an additional employer in a dedicated section of the scheme.

### What de-risking steps has CAAPS taken?

The scheme completed a £1.6 billion buy-in with Rothesay Life and a £110 million buy-in with Legal & General to cover pensioner liabilities.

## Related profiles

- [Museum of Modern Art (MoMA)](https://altss.com/profile/museum-of-modern-art-moma)
- [Japan Computer Information Service Employees' Pension Fund](https://altss.com/profile/japan-computer-information-service-employees-pension-fund)

---

Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/caaps

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology