Key Takeaways
- • The National Employment Savings Trust (Nest), the U.K.'s largest workplace pension scheme, committed £450 million ($605 million) to a direct lending strategy managed by Los Angeles-based Crescent Capital Group L.P., announced Monday.
- • Crescent will originate first-priority loans to middle-market U.S. companies, focusing on businesses with strong recurring revenue and high free cash flow across multiple sectors.
- • The mandate supports Nest's plan to grow alternative investments, including direct lending, to 30% of its portfolio by 2030.
- • Crescent managed approximately $50 billion in assets as of December 31, 2025.
- • Nest manages £60 billion for more than 13 million members and targets more than £100 billion in assets by 2030.
Summary
The National Employment Savings Trust of the U.K. (Nest) announced on Monday a commitment of £450 million ($605 million) to a direct lending strategy from Crescent Capital Group L.P., a credit manager based in Los Angeles. The allocation forms part of Nest's broader strategy to expand its exposure to direct lending and other alternative investments, a segment the fund has said it intends to grow to 30% of its portfolio by 2030.
Under the mandate, Crescent will use the capital to originate first-priority loans to middle-market U.S. companies. The manager's stated focus is on borrowers that generate strong recurring revenue and high free cash flow across multiple sectors. As of December 31, 2025, Crescent managed approximately $50 billion in assets.
Rachel Farrell, Nest's director of public and private markets, said in a statement that "our priority is always to deliver positive, long-term outcomes for our members." She added that the investment "helps build a more diverse and resilient investment strategy that can support their savings through different market conditions."
Nest, the largest U.K. workplace pension scheme by membership, manages £60 billion on behalf of more than 13 million members. The defined contribution retirement plan aims to exceed £100 billion in assets by 2030.
Under the mandate, Crescent will use the capital to originate first-priority loans to middle-market U.S. companies. The manager's stated focus is on borrowers that generate strong recurring revenue and high free cash flow across multiple sectors. As of December 31, 2025, Crescent managed approximately $50 billion in assets.
Rachel Farrell, Nest's director of public and private markets, said in a statement that "our priority is always to deliver positive, long-term outcomes for our members." She added that the investment "helps build a more diverse and resilient investment strategy that can support their savings through different market conditions."
Nest, the largest U.K. workplace pension scheme by membership, manages £60 billion on behalf of more than 13 million members. The defined contribution retirement plan aims to exceed £100 billion in assets by 2030.
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