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Nest bulks out portfolio with mega infrastructure deals
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Nest head of private markets, Stephen O’Neill.
Nest has announced two infrastructure partnerships which will see the asset class make up 5% of its total portfolio.
By IPE Staff2021-04-19T15:55:00+01:00
NEST, the automatic enrolment pension scheme set up by the UK government, is commiting to investing nearly £3bn (€3.5bn) into infrastructure equity by the end of the decade, in the UK and around the world. and appointed CBRE Caledon Capital Management – the private infrastructure investment arm of CBRE Global Investors – and GLIL Infrastructure to help invest.
According to NEST, CBRE Caledon’s mandate will help invest directly in global core and core-plus infrastructure projects, providing NEST with access to an infrastructure fund sponsored by the firm.
There will also be an opportunity to co-invest in select investments to help NEST members take advantage of bigger projects, it added.
Infrastructure investing: Fulfilling the UK’s infrastructure needs
Infrastructure is correctly seen as a diversifier and source of stable returns.
Pete Carvill looks at the UK’s needs and finds that despite the steep entry costs, there is a role for smaller pension schemes.
The need case for UK infrastructure investment has been set out several times already and is a problem recognised at all levels. The country needs better roads, schools, hospitals, broadband, and power supplies. For much of it, the government is unable or unwilling to foot the bill.
Even the average person on the street is aware of the gaps that need filling. According to ‘State of the Nation 2018: Infrastructure Investment’, a report from the Institution of Civil Engineers, three-quarters of adults believed that the country’s infrastructure improvements needed an injection of capital.
So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap, ‘pension freedoms or consultations around ‘value for money , says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).Download
In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.Download
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