Crescent Capital Appointed by U.K. Pension Fund Nest for £450 Million U.S. Direct Lending Mandate

LONDON & LOS ANGELES — April 13, 2026 – Crescent Capital Group LP, one of the leading alternative credit investment firms, announced today that it has been appointed by Nest, the largest U.K. workplace pension scheme by number of members, to manage a new open-ended U.S. direct lending mandate.

Nest is one of the U.K.’s largest defined contribution pension providers, managing more than £60 billion on behalf of its over 13 million members. As the country’s auto-enrolment pension scheme, Nest plays a central role in helping employers and employees save for retirement, with mandated minimum contributions that support long-term financial security for millions of people.

Under the agreement, Nest has made an initial commitment of £450 million, to be deployed by Crescent in secured, first-priority loans to private U.S. middle market companies. The mandate seeks to strengthen Nest’s exposure to private direct lending as part of its long-term objective to diversify its portfolio and increase allocations to private markets.

The evergreen mandate provides Nest with access to the U.S. private corporate lending market, the largest and most established private debt market globally. Crescent will originate and structure secured, first-priority loans directly to U.S. middle market companies, with a focus on non-cyclical businesses across various sectors including healthcare, technology, consumer and industrial. Crescent’s strategy focuses on companies with strong recurring revenue, high free cash flow, and resilient business models.

“We are delighted to partner with Nest on this U.S. direct lending mandate. This partnership reflects Nest’s confidence in our longstanding track record, disciplined approach to credit, and ability to source compelling privately originated opportunities across market cycles,” said Christopher Wright, President of Crescent Capital. “We are committed to being responsible stewards of capital on behalf of Nest’s more than 13 million members and over half a million employers and aim to deliver the stable income, downside protection, and attractive risk-adjusted returns that private credit can offer. We look forward to building a partnership that supports Nest’s mission for many years to come.”

“Our priority is always to deliver positive, long-term outcomes for our members. This investment helps build a more diverse and resilient investment strategy that can support their savings through different market conditions,” said Rachel Farrell, Director of Public and Private Markets at Nest Invest. “As we broaden our exposure to global credit markets, it is essential that we do so through managers with strong business models, well-resourced teams and differentiated investment expertise. We are therefore pleased to appoint Crescent, whose extensive sourcing capabilities, disciplined underwriting, focus on credit quality and strong track record across market cycles make them a trusted partner as we continue to build and diversify our portfolio.”

About Crescent Capital Group LP

Crescent is a global credit investment manager with approximately $50 billion of assets under management as of December 31, 2025. For over 30 years, the firm has focused on non-investment grade credit through strategies that invest in marketable and privately originated debt securities including senior bank loans, high yield bonds, as well as private senior, unitranche and junior debt securities. Crescent is headquartered in Los Angeles with offices in New York, Boston, Chicago, London and Frankfurt with over 235 employees globally. Crescent is a part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life. For more information about Crescent, visit www.crescentcap.com.

About Nest

Since its creation in 2012, following the introduction of auto enrolment, Nest has grown to become the largest workplace pension scheme in the country with more than 13 million UK members. Around one in three of the UK working population has a Nest pension pot.

Nest’s members benefit from an award-winning investment strategy and one of the most diversified DC portfolios in the UK. It practices responsible investment that aims to deliver long-term growth while carefully managing risk.

Nest manages more than £60 billion in assets on its members’ behalf. It receives around £600 million a month in new contributions and by 2030, Nest is expected to have £100 billion in assets under management.

Contacts

Crescent Capital:
Mendel Communications
Sarah Troutt, sarah@mendelcommunications.com

Nest:
Yupina Ng, yupina.ng@nestcorporation.org.uk