13 September 2019
“Nest has today announced two fund managers it will use to invest in private credit, enabling its eight million members to benefit from the sophisticated investments found in private markets.
Nest has today announced two fund managers it will use to invest in private credit, enabling its eight million members to benefit from the sophisticated investments found in private markets.
Private credit investments are not traded on a public exchange or market but are usually directly negotiated loans between an investor (or small group of investors) and the loan’s recipient. Investors negotiate bespoke rates but are expected to tie up their money until the loan matures, for which they are normally rewarded with better returns – known as an ‘illiquidity premium’.
Amundi and BlackRock are the first successful fund managers confirmed by Nest at a launch event held in Bank. Both fund managers were selected for their innovation and cost-efficiency following a highly competitive open tender, in which nearly 40 organisations applied.
Nest will initially be targeting about 5 per cent in private credit but it will take some time to reach that target – the pension scheme doesn’t want to force money into the markets. The initial 12-month commitment will be around £400-500 million.”
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