Nest surpasses £2 billion in commitments to HarbourVest-managed private equity strategy

• The mandate gives Nest members diversified exposure to private companies, supporting the growth of businesses in the UK and beyond.
• Nest has over £3 billion invested in private equity, representing around 5% of its £68.4 billion assets under management[1], of which around 18% (£566 million) is invested in UK private equity.

Nest, one of the UK’s largest defined contribution (DC) workplace pension schemes, has surpassed £2 billion committed to the private equity mandate managed by HarbourVest Partners (HarbourVest), a global private asset manager. The commitment has grown from an initial £750 million when HarbourVest was appointed in 2022.

The mandate is designed to give Nest members diversified exposure to private companies globally and deliver attractive long-term, risk-adjusted returns by investing selectively in high-quality businesses through co-investments. Leveraging HarbourVest’s global private markets platform, the strategy provides exposure to more than 60 privately held companies across 17 countries spanning North America, the UK, Europe and Asia-Pacific.

Within this globally diversified opportunity set, HarbourVest has identified attractive opportunities in the UK, investing in nine companies across growth equity and buyout strategies and across a range of sectors.

Investments through the mandate include 9fin, a London-headquartered AI-native financial intelligence platform transforming how debt capital markets professionals access and analyse information. Founded in the UK, 9fin serves hundreds of financial institutions worldwide and employs more than 600 people globally, with a major presence in the US and offices in Belfast, Asia and Latin America. Its recent $170 million funding round[2], led by HarbourVest and valuing the company at $1.3 billion, highlights the strength of the UK’s innovation ecosystem and the global potential of UK-founded businesses.

Citation, a Cheshire-headquartered provider of tech-enabled compliance and certification solutions, is another company backed by the mandate alongside Hg and KKR. Supporting more than 110,000 small and medium-sized enterprises (SMEs) across the UK, Canada and Australia, Citation helps businesses navigate complex areas such as HR, health and safety, and quality certification. The investment highlights the programme’s ability to back established, market-leading businesses that provide mission-critical services to thousands of companies and play an important role in supporting the wider SME economy.

The HarbourVest-managed mandate forms part of Nest’s broader private equity strategy. As of 30 June 2026, around 5% of Nest’s £68.4 billion assets under management was invested in private equity. This included around 18% (£566 million) invested in UK private companies.

Elizabeth Fernando, Chief Investment Officer, Nest Invest, commented:

“Private equity is a key component of our private markets strategy to build a more diversified portfolio and deliver strong risk-adjusted returns for our more than 14 million members over the long term. Since 2022, we have steadily increased our commitments to this private equity mandate managed by HarbourVest, giving our members access to investment opportunities beyond public markets so they can benefit from a diversified portfolio of private assets. 

“We are pleased to see the mandate investing in innovative UK-founded and UK-based businesses, including 9fin and Citation, alongside opportunities around the world. These businesses require long-term capital from investors such as pension schemes to support their continued growth. As they scale, we can share in the value they create and the returns they generate for our members.”

Craig MacDonald, Managing Director, HarbourVest, commented:

“Our focus is on finding the most compelling opportunities for Nest’s members wherever they are. Against that global backdrop, the UK continues to stand out as an attractive market, with high-quality businesses and strong potential for long-term value creation. Our investments here demonstrate how UK businesses can form an important part of a globally diversified private equity portfolio.”