Merryn Somerset Webb

It's £450 million to US funds.

private credit.

So that's two interesting things.

And the third interesting thing that I think you notice as soon as you go and look at Nest and look at its funds is the extent to which a lot of the investment is environmental and in particular climate driven.

Nest has a target to get to net zero, is committed to net zero along the way.

So a lot of its equity investments are climate aware one way or another.

So I suppose that there are a couple of questions that we should talk about.

I mean, one, you could say is there's a reasonable time to invest in private credit.

And the second, I suppose, is are people aware of how Nest invests and does it matter?

So if Nest is investing in a very equity, climate aware equity way, and that's not something that everyone feels mad for, whether they should or shouldn't is a different matter.

And if Nest is investing a lot in U.S.

private credit, should that be discussed?

Should people be aware of it?

Should maybe there be some way of asking the end investor, hey, guys, do you want us to put a large chunk of your money into American private credit?

Or did you have some other ideas?

And somehow this shift from the old-fashioned DB pensions where it wasn't really your problem what the money was invested in, you got your pension at the end, towards something where it kind of is your problem what the money is invested in, and maybe you should have more of a say over it.

So a couple of interesting things there, and I'm going to tug them back at you.

When you look at this, what strikes you?

Once you have your...

your investments at nest or adoviva whoever it is is your provider and it makes sense to me that they should have more responsibilities i mean i don't i don't know what you get i think we have different providers but you know i got something in the post every now and then and it's a completely meaningless drivel and i then have to go onto the internet and spend hours trying to find the truth and even even so i can never find out things like i mean