The National Employment Savings Trust (Nest) has appointed Crescent Capital Group to manage a £450m private direct lending mandate.

The mandate will invest in secured, first-priority loans to US middle-market companies, supporting Nest’s strategy to increase private market allocations to 30 per cent of assets under management by 2030. Nest said the partnership would provide access to the US private corporate lending market and help diversify its portfolio through private credit opportunities. The evergreen structure of the mandate will allow capital to be deployed and reinvested over multiple years, supporting long-term income generation. Nest Invest director of public and private markets, Rachel Farrell, said the appointment would support “a more diverse and resilient investment strategy” for members. Crescent Capital president, Christopher Wright, added that the firm aimed to deliver “stable income, downside protection, and attractive risk-adjusted returns” under the mandate.

Pension Insurance Corporation (PIC) has announced the registration of Verda Living RP Limited as a for-profit registered provider of social and affordable housing.

The move follows approval from the Regulator of Social Housing and marks a step towards PIC taking a more direct role in housing delivery, having already invested nearly £4bn into the sector since 2012. PIC said the initiative would generate long-term, inflation-linked cashflows to support pension payments, while helping address the UK’s shortage of affordable housing. The provider will work alongside local authorities and delivery partners to bring forward new housing schemes across the UK. Verda Living will be chaired by Nathan Warren, with a board including independent non-executive directors, Helen Moore and Chyrel Brown. PIC Capital, managing director, Hayley Rees, said the launch was a “natural next step” in supporting both pension liabilities and housing delivery.

Page Executive has joined the Pensions Management Institute (PMI) Trustee Accelerator Programme (TAP) as a strategic partner.

The firm will use its ENABL network to help attract a broader and more diverse pool of candidates for the programme, which aims to develop the next generation of pension trustees. The partnership will also see Page Executive provide interview training for trainees preparing for trustee and non-executive director roles. ENABL, which focuses on supporting Asian and Black leaders into senior governance roles, will help widen access to trustee careers. PMI chief customer officer, Varsha Gicas, said the collaboration would help ensure the trustee pipeline is “representative of the diverse group of members trustees may represent”. Page Executive, senior partner of HR and diversity, equity and inclusion, Catherine Osaigbovo, added that the partnership would “open more opportunities” for diverse leadership talent.

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