Key Takeaways
- • Nest, the U.K. government-established workplace pension scheme and now the largest in the country, is expanding its private equity program through a co-investment partnership with HarbourVest Partners.
- • Nest aims to invest at least £1.5 billion in private equity by early 2025 and eventually hold about 5% of its portfolio in private equity.
- • The HarbourVest arrangement is Nest's second private equity mandate, according to the announcement.
- • Argosy Private Equity has exited Linx Technologies, a wireless technology solutions provider, with the buyer identified as TE Connectivity.
- • Cresta portfolio company Blackbuck Resources expanded its sustainability-linked term loan with Riverstone Credit Partners, with pricing tied to sustainability targets.
Summary
Nest, the U.K. government-initiated workplace pension scheme that is now the largest of its kind in the country, is deepening its commitment to private equity through a new collaboration with HarbourVest Partners. Under the partnership, HarbourVest will make co-investments on Nest's behalf. According to the announcement, Nest's goal is to invest at least £1.5 billion in private equity by early 2025, and it eventually hopes to have about 5% of its portfolio allocated to the asset class. The HarbourVest partnership marks the second private equity mandate Nest has awarded. Stephen O'Neill, Nest's head of Private Markets, pointed to HarbourVest's ability to unlock private equity deals globally, its scale, and its capacity to be highly selective in deal selection.
Elsewhere in the same roundup, lower-middle market private equity firm Argosy Private Equity has exited Linx Technologies, a wireless technology solutions provider serving device manufacturers in commercial, consumer and government markets, according to a press release. Argosy first acquired Linx in late 2015 and has since expanded the company into new industry verticals. Linx CEO Tolga Latif said the company implemented a strategic shift developing a novel strategy using analytics to guide rapid product development. Argosy reached an agreement to sell Linx to TE Connectivity.
Blackbuck Resources, a water infrastructure designer and portfolio company of Cresta Fund Management, announced via press release that it has expanded its sustainability-linked financing with Riverstone Credit Partners LLC. The term loan is intended to provide liquidity to fuel growth following new contracts in its Midland Basin and Delaware Basin platforms. Pricing on the facility is dynamic and tied to Blackbuck's ability to meet sustainability performance targets. Blackbuck CEO and president Justin Love said the expansion capital aligns with the company's anticipated continued growth in a strong macro environment.
Elsewhere in the same roundup, lower-middle market private equity firm Argosy Private Equity has exited Linx Technologies, a wireless technology solutions provider serving device manufacturers in commercial, consumer and government markets, according to a press release. Argosy first acquired Linx in late 2015 and has since expanded the company into new industry verticals. Linx CEO Tolga Latif said the company implemented a strategic shift developing a novel strategy using analytics to guide rapid product development. Argosy reached an agreement to sell Linx to TE Connectivity.
Blackbuck Resources, a water infrastructure designer and portfolio company of Cresta Fund Management, announced via press release that it has expanded its sustainability-linked financing with Riverstone Credit Partners LLC. The term loan is intended to provide liquidity to fuel growth following new contracts in its Midland Basin and Delaware Basin platforms. Pricing on the facility is dynamic and tied to Blackbuck's ability to meet sustainability performance targets. Blackbuck CEO and president Justin Love said the expansion capital aligns with the company's anticipated continued growth in a strong macro environment.
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