Key Takeaways
- • Nest has lifted its commitment to the HarbourVest-managed private equity mandate above £2bn, up from an initial £750m when HarbourVest was appointed in 2022, according to Professional Pensions.
- • The mandate gives Nest members exposure to more than 60 privately held companies across 17 countries, including nine UK companies spanning growth equity and buyout strategies.
- • Private equity represented around 5% of Nest's £68.4bn in assets under management as of 30 June 2026, with about 18% (£566m) of that allocation invested in UK private companies.
- • Nest's 10% stake in IFM Investors is linked to a separate deal in which an IFM-managed fund agreed to buy a majority stake in Associated British Ports, with completion expected in the first half of 2027 and financial terms undisclosed.
Summary
Nest has surpassed £2bn in commitments to a private equity mandate managed by HarbourVest, according to Professional Pensions. The commitment has grown from an initial £750m when HarbourVest was first appointed by Nest in 2022. The mandate is designed to give Nest members diversified global exposure to privately held companies, with holdings in more than 60 companies across 17 countries in North America, Europe and Asia-Pacific, as well as nine UK businesses across growth equity and buyout strategies.
UK holdings include 9fin, a London-headquartered artificial intelligence-native financial intelligence platform, and Citation, a Cheshire-headquartered provider of tech-enabled compliance and certification solutions. The HarbourVest mandate forms part of Nest's broader private equity strategy. As of 30 June 2026, around 5% of Nest's £68.4bn in assets under management was invested in private equity, including around 18% (£566m) allocated to UK private companies.
Nest Invest chief investment officer Elizabeth Fernando said private equity is a key component of the scheme's private markets strategy, aimed at building a more diversified portfolio and delivering strong risk-adjusted returns for more than 14 million members over the long term. HarbourVest managing director Craig MacDonald said the UK continues to stand out as an attractive market, with high-quality businesses and strong potential for long-term value creation.
Separately, a fund managed by IFM Investors, in which Nest took a 10% stake last year, has agreed to buy a majority stake in Associated British Ports from the Canada Pension Plan Investment Board, which holds 33.9%, and OMERS, which holds 30%. The financial terms have not been disclosed. The transaction is subject to shareholder and regulatory approvals and is expected to complete in the first half of 2027. IFM global head of infrastructure Kyle Mangini described ABP as the UK's largest ports group and said the deal reflects IFM's commitment to mobilising pension capital into UK infrastructure.
UK holdings include 9fin, a London-headquartered artificial intelligence-native financial intelligence platform, and Citation, a Cheshire-headquartered provider of tech-enabled compliance and certification solutions. The HarbourVest mandate forms part of Nest's broader private equity strategy. As of 30 June 2026, around 5% of Nest's £68.4bn in assets under management was invested in private equity, including around 18% (£566m) allocated to UK private companies.
Nest Invest chief investment officer Elizabeth Fernando said private equity is a key component of the scheme's private markets strategy, aimed at building a more diversified portfolio and delivering strong risk-adjusted returns for more than 14 million members over the long term. HarbourVest managing director Craig MacDonald said the UK continues to stand out as an attractive market, with high-quality businesses and strong potential for long-term value creation.
Separately, a fund managed by IFM Investors, in which Nest took a 10% stake last year, has agreed to buy a majority stake in Associated British Ports from the Canada Pension Plan Investment Board, which holds 33.9%, and OMERS, which holds 30%. The financial terms have not been disclosed. The transaction is subject to shareholder and regulatory approvals and is expected to complete in the first half of 2027. IFM global head of infrastructure Kyle Mangini described ABP as the UK's largest ports group and said the deal reflects IFM's commitment to mobilising pension capital into UK infrastructure.
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