UK workplace pension scheme NEST has made its first UK investments through , marking the start of a five-year plan to deploy 拢5bn (鈧�5.8bn) into private markets.
The 拢53bn pension scheme鈥檚 new investments include a 拢40m commitment to expand rural fibre broadband infrastructure across Scotland and the North of England, and a 拢45m commitment to an energy-from-waste and decarbonisation business in the Midlands and North of England.
The UK investments form part of NEST鈥檚 strategy to increase its private market allocation from approximately 18% to 30% in the years ahead.
This follows NEST鈥檚 earlier actions, including , Industry Super Holdings, and providing 鈧�530m in seed capital to a new European infrastructure debt fund managed by IFM Investors.
Liz Fernando, CIO at NEST, said: 鈥淭hrough our strategic partnership with IFM, we鈥檙e backing high-quality infrastructure projects at home. From expanding high-speed broadband to rural homes and businesses to supporting waste-to-energy facilities, these are enticing investments that will also help create jobs, apprenticeships, and new regional offices, helping to power growth across regions.
鈥淲ith around 拢4bn already committed to UK private markets and an ambition to reach 拢12bn by 2030, Nest is investing in the future of UK. As an , we鈥檙e here to help create lasting opportunities that benefit our members and the communities they live in.鈥�
David Cooper, head of debt investment EMEA for IFM Investors, said: 鈥淲e believe investing in infrastructure is critical to powering the digital economy, cutting carbon emissions, and driving the energy transition. Private debt capital is a key enabler 鈥� offering relative value for investors and, most importantly, their members.
鈥淚FM exists to invest, protect, and grow the long-term retirement savings of working people. By partnering with organisations like Nest, we鈥檙e working to deliver better retirement outcomes for millions of workers across the UK.鈥�
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