Key Takeaways
- • Nest, the UK defined-contribution workplace pension scheme, has committed more than £2 billion to a private equity mandate managed by HarbourVest Partners, up from £750 million when the firm was appointed in 2022.
- • The mandate invests through co-investments in more than 60 privately held companies across 17 countries, including nine UK businesses spanning growth equity and buyout strategies.
- • Nest holds over £3 billion in private equity overall, about 5% of its £68.4 billion in assets as of June 30, 2026, with roughly £566 million (18%) in UK private companies.
- • The commitment figure does not show how much capital has been deployed or how the mandate has performed, and Mansion House Accord signatories had invested only £500 million in UK private equity by end-2025.
Summary
Nest, one of the UK's defined-contribution workplace pension schemes, has committed more than £2 billion to a private equity mandate managed by HarbourVest Partners, according to Dealroom. The commitment has grown from £750 million when HarbourVest was first appointed in 2022.
The mandate invests via co-investments in more than 60 privately held companies across 17 countries in North America, Europe, Asia-Pacific, and the UK. Nine of the holdings are UK businesses spanning growth equity and buyout strategies. Named UK holdings include 9fin, a London-based AI-native financial intelligence platform for debt capital markets, and Citation, a Cheshire-based compliance and certification provider. HarbourVest led 9fin's most recent $170 million round, which valued the company at $1.3 billion.
The milestone aligns with a broader UK effort to channel defined-contribution pension savings into private markets. Nest has been expanding across the asset class, including a planned venture capital sleeve and a £450 million direct-lending mandate. Elizabeth Fernando, Nest's chief investment officer, said private equity is a key component of the scheme's private markets strategy, intended to build a more diversified portfolio and deliver strong risk-adjusted returns for more than 14 million members.
By the numbers, Nest holds more than £3 billion in private equity overall, about 5% of its £68.4 billion in assets as of June 30, 2026. Roughly 18%, or £566 million, sits in UK private companies. The source notes that the commitment figure alone does not reveal how much has been deployed or how the mandate has performed. Deployment across UK schemes remains uneven: Mansion House Accord signatories had invested just £500 million in UK private equity by the end of 2025, well below their property allocations.
The mandate invests via co-investments in more than 60 privately held companies across 17 countries in North America, Europe, Asia-Pacific, and the UK. Nine of the holdings are UK businesses spanning growth equity and buyout strategies. Named UK holdings include 9fin, a London-based AI-native financial intelligence platform for debt capital markets, and Citation, a Cheshire-based compliance and certification provider. HarbourVest led 9fin's most recent $170 million round, which valued the company at $1.3 billion.
The milestone aligns with a broader UK effort to channel defined-contribution pension savings into private markets. Nest has been expanding across the asset class, including a planned venture capital sleeve and a £450 million direct-lending mandate. Elizabeth Fernando, Nest's chief investment officer, said private equity is a key component of the scheme's private markets strategy, intended to build a more diversified portfolio and deliver strong risk-adjusted returns for more than 14 million members.
By the numbers, Nest holds more than £3 billion in private equity overall, about 5% of its £68.4 billion in assets as of June 30, 2026. Roughly 18%, or £566 million, sits in UK private companies. The source notes that the commitment figure alone does not reveal how much has been deployed or how the mandate has performed. Deployment across UK schemes remains uneven: Mansion House Accord signatories had invested just £500 million in UK private equity by the end of 2025, well below their property allocations.
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