Nest, the UK’s largest office pension scheme, has awarded various credit score funding agency Crescent Capital an preliminary dedication of £450m to handle a brand new open-ended mandate investing in secured, first-priority loans to non-public firms.
As a part of the settlement, Nest’s preliminary dedication might be deployed over a number of years to Crescent to additional strengthen its publicity to non-public direct lending. Crescent manages $50bn (£37 billion) in property as of 31 December 2025 and focuses solely on company credit score.
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The funding helps Nest’s long-term technique to diversify its portfolio via well-structured personal credit score alternatives and its ambition to allocate 30 per cent of its property below administration (AUM) to non-public markets by 2030.
Nest is a signatory of the voluntary Mansion Home Accord, which noticed 17 UK office pension suppliers agree to take a position not less than 10 per cent of their outlined contribution default funds into personal markets by the top of the last decade.
The partnership will present Nest with entry to the US personal company lending house, the world’s deepest single personal debt marke.
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Underneath the evergreen mandate, Crescent will originate secured, first-priority loans on to US center market firms, with a concentrate on non-cyclical companies throughout varied
Crescent can be centered on lending to firms that generate sturdy, recurring income and excessive free money move.
“Our precedence is all the time to ship optimistic, long-term outcomes for our members. This funding helps construct a extra numerous and resilient funding technique that may assist their financial savings via completely different market circumstances,” stated Rachel Farrell, director of private and non-private markets at Nest Make investments.
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“As we broaden our publicity to international credit score markets, it’s important that we achieve this via managers with sturdy enterprise fashions, well-resourced groups and differentiated funding experience.
“We’re subsequently happy to nominate Crescent, whose
“We’re dedicated to being accountable stewards of capital on behalf of Nest’s greater than 13 million members and over half one million employers and purpose to ship the secure earnings, draw back safety, and enticing risk-adjusted returns that non-public credit score can supply,” added Christopher Wright, president of Crescent Capital.