Travers Smith LLP has advised longstanding client Nest, the largest UK workplace pension scheme by number of members, on its appointment of Crescent Capital Group LP (Crescent) to manage an open-ended mandate investing in secured, first-priority loans to private companies.
Nest has made an initial commitment of £450 million to Crescent to be deployed over multiple years to further strengthen Nest's exposure to private direct lending. The partnership provides Nest with access to the US private corporate lending space. Crescent will originate secured, first-priority loans directly to US middle market companies, with a focus on non-cyclical businesses across various sectors including healthcare, technology, consumer and industrial.
The Travers Smith team was led by Funds Senior Counsel Sarah Stewart assisted by Associate Matthew Bartram. Specialist advice was provided by Partner Elena Rowlands and Senior Associate Michelle Carnegie in Tax, Partner David James and Senior Associate Alex Economides in Pensions and regulatory advice by Financial Services and Markets Partner Phil Bartram.
