Key Takeaways
- • Nest has awarded a £450m direct lending mandate to Crescent Capital Group, according to Professional Pensions.
- • The initial commitment sits within an open-ended mandate and will be deployed over multiple years.
- • The mandate targets secured, first-priority loans to US private companies.
- • The award places Crescent Capital in a direct lending allocation from one of the UK's largest defined contribution pension schemes.
Summary
Nest, the UK workplace pension scheme, has awarded a £450m direct lending mandate to Crescent Capital Group, according to Professional Pensions. The award was reported on 13 April 2026.
The scheme's initial commitment forms part of an open-ended mandate. According to the report, the capital will be deployed over multiple years, with the fund manager investing in secured, first-priority loans to private companies. The strategy is focused on US private companies.
The mandate positions Crescent Capital as a direct lending manager for Nest's private credit allocation. The primary source is limited in detail, and additional terms such as fees, fund vehicle structure and target returns were not disclosed in the available coverage.
The scheme's initial commitment forms part of an open-ended mandate. According to the report, the capital will be deployed over multiple years, with the fund manager investing in secured, first-priority loans to private companies. The strategy is focused on US private companies.
The mandate positions Crescent Capital as a direct lending manager for Nest's private credit allocation. The primary source is limited in detail, and additional terms such as fees, fund vehicle structure and target returns were not disclosed in the available coverage.
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