<p>Pension funds will &ldquo;struggle to close their funding gap&rdquo; if they continue to rely on liquid assets like public equities, Cambridge Associates has argued.</p> <p>In a report focusing on UK pension funds, the consultant said that a switch from public equities to illiquid private assets could &ldquo;improve their chances of closing the funding gap and reduce the likelihood of requiring additional capital injections to honor their commitments to pension fund members.&rdquo;</p>