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HarbourVest secures PE mandate from NEST

HarbourVest has been granted a new investment mandate by the National Employment Savings Trust (NEST) as part of the UK workplace pension scheme’s commitment to invest £1.5 billion (€1.8bn) in private equity by early 2025.

A new, bespoke HarbourVest Partners’ fund will invest in co-investment opportunities on NEST’s behalf and receive a pro-rata allocation of suitable co-investment opportunities alongside HarbourVest Partners’ other co-investment accounts.

NEST is targeting an allocation of around 5% of its portfolio to private equity investments.

The HarbourVest’s mandate will focus on growth and middle-market deals, with the initial deployment of capital expected in the news few months.

NETS’s private markets allocation stagey now includes property, private credit and infrastructure.

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