The fund will invest in co-investment opportunities on Nest’s behalf through a bespoke fund-of-one. The new private equity mandate will play an important role in helping Nest invest at least £1.5bn in the asset class by early 2025. HarbourVest Partners' mandate will focus on growth and middle market deals and deployment of capital into new deals is expected to begin in the coming weeks.

The Travers Smith team was led by Funds Partner Jeremy Elmore and Funds Senior Counsel Andrew Benson with support from Pensions Partner David James and Tax Senior Associate Michelle Carnegie.

Travers Smith also advised Nest on its ground-breaking £600 million move into private equity in partnership with Schroders Capital.