Travers Smith LLP has advised longstanding client Nest Corporation ("Nest"), the trustee of the National Employment Savings Trust, on its €530 million (approximately £450 million) commitment to seed a new infrastructure debt fund — its first investment since becoming an owner of global investment manager IFM Investors ("IFM").
The partnership was finalised this month, making Nest the first international owner of IFM, joining 15 Australian superannuation funds. Nest and IFM have committed to co-creating investment strategies with a keen focus on private market opportunities across the UK and Europe.
The launch of the infrastructure debt fund will further increase Nest's investments into private markets, including assets in the UK such as fibre, wind, waste to energy, bus and rail infrastructure.
The move supports IFM’s global expansion into new investment opportunities and markets, while also supporting Nest’s ambition to diversify and increase its allocation to private markets from 17% to 30% of assets under management by 2030.
Travers Smith advised Nest on its strategic investment in IFM and has now advised on this first capital deployment under the new relationship.
The Travers Smith team was led by Head of Funds Jeremy Elmore and Senior Counsel Sarah Stewart, with specialist tax advice provided by partner Elena Rowlands and Senior Associate Aimee Hutchinson.
