Key Takeaways
- • Nest has surpassed £2 billion in commitments to the private equity mandate managed by HarbourVest Partners, up from an initial £750 million when HarbourVest was appointed in 2022.
- • The mandate provides exposure to more than 60 privately held companies across 17 countries, with nine of those investments in UK businesses spanning growth equity and buyout strategies.
- • Nest, one of the UK's largest defined contribution workplace pension schemes, has over £3 billion invested in private equity, around 5% of its £68.4 billion AUM as of 30 June 2026.
- • Around 18% (£566 million) of Nest's private equity exposure is invested in UK private companies.
- • Portfolio holdings named in the mandate include 9fin, which HarbourVest led in a $170 million funding round valuing it at $1.3 billion, and Citation, which is also backed by Hg and KKR.
Summary
Nest, one of the UK's largest defined contribution workplace pension schemes, has surpassed £2 billion committed to the private equity mandate managed by HarbourVest Partners, a global private asset manager. The commitment has grown from an initial £750 million when HarbourVest was appointed in 2022, according to the announcement.
The mandate is designed to give Nest members diversified exposure to private companies globally and to deliver long-term, risk-adjusted returns through selective co-investments in high-quality businesses. Leveraging HarbourVest's global private markets platform, the strategy provides exposure to more than 60 privately held companies across 17 countries in North America, the UK, Europe and Asia-Pacific. Within that portfolio, HarbourVest has identified UK opportunities, investing in nine companies across growth equity and buyout strategies and a range of sectors.
Named UK holdings include 9fin, a London-headquartered AI-native financial intelligence platform serving debt capital markets professionals, which employs more than 600 people and recently closed a $170 million funding round led by HarbourVest at a $1.3 billion valuation. Citation, a Cheshire-headquartered provider of tech-enabled compliance and certification services supporting more than 110,000 SMEs in the UK, Canada and Australia, is also backed by the mandate alongside Hg and KKR.
The HarbourVest mandate forms part of Nest's broader private markets strategy. As of 30 June 2026, private equity accounted for around 5% of Nest's £68.4 billion in assets under management, or over £3 billion, of which about 18% (£566 million) was invested in UK private companies.
Elizabeth Fernando, Chief Investment Officer at Nest Invest, said the commitments aim to build a more diversified portfolio for Nest's more than 14 million members and that the mandate's UK investments, including 9fin and Citation, give members access to businesses that need long-term pension capital as they scale. Craig MacDonald, Managing Director at HarbourVest, said the UK stands out as an attractive market with high-quality businesses and strong potential for long-term value creation.
The mandate is designed to give Nest members diversified exposure to private companies globally and to deliver long-term, risk-adjusted returns through selective co-investments in high-quality businesses. Leveraging HarbourVest's global private markets platform, the strategy provides exposure to more than 60 privately held companies across 17 countries in North America, the UK, Europe and Asia-Pacific. Within that portfolio, HarbourVest has identified UK opportunities, investing in nine companies across growth equity and buyout strategies and a range of sectors.
Named UK holdings include 9fin, a London-headquartered AI-native financial intelligence platform serving debt capital markets professionals, which employs more than 600 people and recently closed a $170 million funding round led by HarbourVest at a $1.3 billion valuation. Citation, a Cheshire-headquartered provider of tech-enabled compliance and certification services supporting more than 110,000 SMEs in the UK, Canada and Australia, is also backed by the mandate alongside Hg and KKR.
The HarbourVest mandate forms part of Nest's broader private markets strategy. As of 30 June 2026, private equity accounted for around 5% of Nest's £68.4 billion in assets under management, or over £3 billion, of which about 18% (£566 million) was invested in UK private companies.
Elizabeth Fernando, Chief Investment Officer at Nest Invest, said the commitments aim to build a more diversified portfolio for Nest's more than 14 million members and that the mandate's UK investments, including 9fin and Citation, give members access to businesses that need long-term pension capital as they scale. Craig MacDonald, Managing Director at HarbourVest, said the UK stands out as an attractive market with high-quality businesses and strong potential for long-term value creation.
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