Merryn Somerset Webb

But nonetheless, an awful lot of people do.

So this...

Pension scheme has 13.9 million members.

That is a lot of people.

In fact, that might be pretty much all the people in work in the UK, isn't it?

No comment.

No comment.

Anyway, and it has assets under management of 61.2%.

Billion pounds.

So real money.

So there's a very strong chance that a reasonable number of our listeners will have their money in the various funds run by Nest.

And the reason I wanted to talk about that this week is because there have been various headlines over the last week or so about UK pension scheme Nest commits £450 million to US private credit sector.

Obviously, that's usually followed by despite sector headwinds, despite fund withdrawals, etc., etc.

Now, £450 million, I guess you might say, is not a huge amount of money in the scheme of £61.2 billion.

But, but, Nest has a very public target of having 30% of its AUM in private assets of one sort or another by 2030.

So it wants to have both private equity and private credit at 30%.

So there's quite a lot of interesting things here.

I think the first is that it wants to put all this money into private.

The second is that a lot of the headlines you see that come out about it putting money into private are foreign.

This is not £450 million into UK-based private equity and private credit funds.