NEST merits the joint top award in private market investments due to its scale, innovation, and responsible strategy. With £10.3bn (€11.7bn) already invested in private markets and a target of £30bn by 2030, it leverages its total £56bn AUM to secure institutional-grade terms without performance fees. NEST is recognised for its strategic and disciplined approach to private market investments, with a strong focus on infrastructure, forestry, and green energy. A long-term investment horizon allows it to capture illiquidity premia and ensure value creation over extended periods. The fund’s rigorous framework, based on seven priorities, ensures that each investment decision is carefully evaluated, combining strong ESG integration with sustainable returns. Judges highlighted NEST’s ability to expand thoughtfully into private assets, demonstrating both strategic insight and operational excellence.

PensionDanmark demonstrates a clear commitment to private markets. Thanks to timely leadership in renewables and offshore wind, and innovative investments in quantum technology, microgrids, and defence, PensionDanmark combines scale with foresight. Its dedicated private debt team secures excess returns, while bespoke mandates optimise costs. This internally managed approach provides deep expertise, strong portfolio diversification, and risk protection. ESG considerations and impact investing are integral to its strategy. Judges emphasised PensionDanmark’s disciplined portfolio construction, consistent performance, and capacity to deliver high-quality private market investments that generate long-term benefits for its members.