Nest has appointed BNP Paribas Asset Management (BNPP AM) to manage diversified private credit portfolio.

According to BNPP AM, the open-ended diversified private credit fund will initially consist of exposure to infrastructure debt, commercial real estate debt, European mid-market loans, UK SME loans and US mid-market loans.

BNPP AM head of sales for UK and Ireland, Philip Dawes, explained that it has adapted its existing approach to managing diversified private credit and cashflow-driven investing on behalf of DB schemes in order to be able to offer DC schemes access to the same private market investment capabilities.

Commenting on the appointment, Nest chief investment officer, Mark Fawcett, said: “Nest’s move into private credit is an important step in developing our investment strategy and helping to deliver the strong risk-adjusted returns we want for our members.”

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