Nest awards Crescent Capital £450 million under new Direct Lending Mandate

Nest, the largest UK workplace pension scheme by number of members, announced today that it has appointed Crescent Capital Group LP (Crescent) to manage an open-ended mandate investing in secured, first-priority loans to private companies.

As part of the agreement, Nest has made an initial commitment of £450 million to be deployed over multiple years to Crescent, a leading alternative credit investment firm, to further strengthen its exposure to private direct lending. The investment supports 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 world’s deepest single private debt market, 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. In addition, Crescent is focused on lending to companies that generate strong, recurring revenue and high free cash flow.

Commenting on the appointment, Rachel Farrell, Director of Public and Private Markets at Nest Invest, said:

“Our priority is always to deliver positive, long-term outcomes for our members. This investment helps build a more diverse and resilient investment strategy that can support their savings through different market conditions.

“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 (£37 billion) in assets as of 31st December 2025 and focuses exclusively on corporate credit. Crescent invests across the debt capital structure in both private and tradeable credit markets. With a 30-year track record in U.S. direct lending, the firm benefits from long-standing relationships with leading private equity sponsors and management teams, enabling Crescent to source and originate high-quality lending opportunities. Crescent typically leads and structures its investments, applying a disciplined underwriting approach that has driven strong and consistent performance across market cycles.  

“We are delighted to partner with Nest on this U.S. direct lending mandate. This partnership reflects Nest’s confidence in our longstanding track record, disciplined approach to credit, and ability to source compelling privately originated opportunities across market cycles,” said Christopher Wright, President of Crescent Capital. “We are committed to being responsible stewards of capital on behalf of Nest’s more than 13 million members and over half a million employers and aim to deliver the stable income, downside protection, and attractive risk-adjusted returns that private credit can offer. We look forward to building a partnership that supports Nest’s mission for many years to come.”