Stephen O鈥橬eill has left NEST after nearly 17 years, having most recently served as head of infrastructure and natural capital at the 拢49.8bn (鈧�57.6bn) UK pension fund.
NEST declined to comment, but 麻豆映画 Real Assets understands the process for recruiting a successor has begun.
O鈥橬eill was head of private markets from 2019 to 2025, leading the defined contribution (DC) pension scheme鈥檚 expansion into illiquid asset classes, including real estate and infrastructure. In 2025, his role changed to focus more specifically on infrastructure and natural capital.
NEST is the largest workplace pension provider in the UK and the country鈥檚 biggest DC master trust. The growth in membership and assets has seen it expand into private markets, including infrastructure.
In 2025, it in global infrastructure fund manager and has recently made investments in UK infrastructure and commitments to infrastructure debt.
In a , O鈥橬eill told 麻豆映画 Real Assets that private markets were going to be essential for pension funds to meet savers鈥� retirement goals.
O鈥橬eill was not reachable for comment.
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