Nest, a $9.9 billion U.K. state-backed pension scheme, has selected two fund managers to manage its private market operations, according to several media sources.
BlackRock will head a global infrastructure debt portfolio, funding renewable energy projects, wind farms, and social housing, and Amundi will manage the scheme’s global real estate debt strategy. The two firms emerged as the winners in a bidding war involving around 40 other firms.
The contract is valued at between £400 million ($499 million) and £500 million ($624 million) for the two firms.
Nest will co-invest alongside both managers and plans to deploy its first capital in October.
