PRESS RELEASE
4 September 2025

A&O Shearman Advises USS On Inaugural Sponsored Securitisation, "Summerhouse 1 PLC”

AO
A&O Shearman

Contributor

A&O Shearman was formed in 2024 via the merger of two historic firms, Allen & Overy and Shearman & Sterling. With nearly 4,000 lawyers globally, we are equally fluent in English law, U.S. law and the laws of the world’s most dynamic markets. This combination creates a new kind of law firm, one built to achieve unparalleled outcomes for our clients on their most complex, multijurisdictional matters – everywhere in the world. A firm that advises at the forefront of the forces changing the current of global business and that is unrivalled in its global strength. Our clients benefit from the collective experience of teams who work with many of the world’s most influential companies and institutions, and have a history of precedent-setting innovations. Together our lawyers advise more than a third of NYSE-listed businesses, a fifth of the NASDAQ and a notable proportion of the London Stock Exchange, the Euronext, Euronext Paris and the Tokyo and Hong Kong Stock Exchanges.
A&O Shearman advised Universities Superannuation Scheme Limited (USS) the trustee of Universities Superannuation Scheme, the UK’s largest private pension scheme for assets under management...
United States

A&O Shearman advised Universities Superannuation Scheme Limited (USS) the trustee of Universities Superannuation Scheme, the UK's largest private pension scheme for assets under management, on the successful closing of its inaugural sponsored securitisation, "Summerhouse 1 PLC," a GBP411.6 million equity release mortgage-backed securities (RMBS) transaction.

The transaction represents a significant milestone both for USS and for the wider UK asset-backed securities market. "Summerhouse 1 PLC" introduces several first-of-their-kind structural features designed to optimise funding efficiency in the equity release mortgage sector.

Commenting on the transaction, A&O Shearman partner and UK co-head of Global Financial Markets Sally Onions said: "We are delighted to have advised USS on this groundbreaking securitisation. 'Summerhouse 1 PLC' sets a new benchmark for equity release funding in the UK and illustrates the increasingly dynamic role that pension schemes can play in the capital markets. The transaction's innovative features are a testament to USS's vision and to the collaborative spirit of all parties involved."

The deal marks USS's entry into the public securitisation arena and highlights the continuing evolution of the equity release mortgage market, providing a template for future issuances that marry robust credit protection with sustainable investment returns.

The A&O Shearman cross-disciplinary team was led by partner Sally Onions, supported by senior associate Poppy Latham, associates Sarty SenGupta and Francisca Gomes, and trainee Patrick Kaufmann. Tax advice was provided by partner Chris Harrison and associate Lachlan Black, while partner Neil Bowden and senior associate Sam Dent advised on pensions aspects of the transaction.

The firm's integrated approach enabled USS to navigate complex regulatory, tax, and structuring considerations to achieve precedent-setting securitisation mandates.

Contributor

A&O Shearman was formed in 2024 via the merger of two historic firms, Allen & Overy and Shearman & Sterling. With nearly 4,000 lawyers globally, we are equally fluent in English law, U.S. law and the laws of the world’s most dynamic markets. This combination creates a new kind of law firm, one built to achieve unparalleled outcomes for our clients on their most complex, multijurisdictional matters – everywhere in the world. A firm that advises at the forefront of the forces changing the current of global business and that is unrivalled in its global strength. Our clients benefit from the collective experience of teams who work with many of the world’s most influential companies and institutions, and have a history of precedent-setting innovations. Together our lawyers advise more than a third of NYSE-listed businesses, a fifth of the NASDAQ and a notable proportion of the London Stock Exchange, the Euronext, Euronext Paris and the Tokyo and Hong Kong Stock Exchanges.

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