The National Employment Savings Trust of the U.K. announced Monday a commitment of £450 million ($605 million) to a direct lending strategy from Los Angeles-based credit manager Crescent Capital Group L.P.
The commitment is part of Nest’s broader plan to increase its exposure to direct lending and other alternative investments—which the fund has stated it wants to grow to 30% of the portfolio by 2030.
Crescent will use the funds to originate first-priority loans to middle-market U.S. companies, with a focus on lending to companies that generate strong recurring revenue and high free cash flow across multiple sectors. Crescent managed approximately $50 billion in assets as of December 31, 2025.
“Our priority is always to deliver positive, long-term outcomes for our members,” said Rachel Farrell, Nest’s director of public and private markets, in a statement. “This investment helps build a more diverse and resilient investment strategy that can support their savings through different market conditions.”
Nest, the largest U.K. workplace pension scheme by membership, manages £60 billion on behalf of more than 13 million members. The defined contribution retirement plan seeks to reach more than £100 billion in assets by 2030.
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