Workplace pension scheme Nest has appointed Crescent Capital Group in a £450 million deal to manage an open-ended mandate investing in secured, first-priority loans to private companies.
The investment is part of Nest’s long-term strategy to diversify its portfolio through well-structured private credit opportunities and its ambition to allocate 30% of its AUM to private markets by 2030.
The partnership provides Nest with access to the US private corporate lending space. Under the evergreen mandate, Crescent will originate secured, first-priority loans directly to US middle market companies, with a focus on non-cyclical businesses across various sectors including healthcare, technology, consumer and industrial.
Rachel Farrell, director of public and private markets at Nest Invest, says: “As we broaden our exposure to global credit markets, it is essential that we do so through managers with strong business models, well-resourced teams and differentiated investment expertise.
“We are therefore pleased to appoint Crescent, whose extensive sourcing capabilities, disciplined underwriting, focus on credit quality and strong track record across market cycles make them a trusted partner as we continue to build and diversify our portfolio.”
Founded in 1991, Crescent manages $50 billion in assets and focuses exclusively on corporate credit.
