The Swiss pension fund Nest Sammelstiftung has announced via IPE Quest that it is looking to appoint an asset management firm to run a new CHF200m (€206m) private equity mandate.

At the end of 2023, Nest’s total assets were CHF3.91bn with over 4,000 companies entrusting the pension fund with their capital.

Successful applicants must show that, as of 31 December 2023, they have a minimum of CHF5bn in private equity assets with overall assets totalling at least CHF10bn. The absolute minimum track record is five years, although 10 years is preferred.

Nest plans to establish its own private equity investment fund for one, and the investment manager will be responsible for creating this fund for Nest through a multi-management approach, according to IPE Quest search 2887.

Other specifications for the mandate include that:

  • investments will be globally made in primaries, co-Investments, secondaries, no fund of funds;
  • investments will be diversified but not include real assets including infrastructure and real estate; and
  • the benchmark used for reporting will be MSCI World +2%.

The minimum reporting requirements state that general statistics must be in Swiss francs and include the following:

  • commitment, capital called, distributions, and NAV;
  • operating expenses of the fund, management fees, carried interest, and carried interest provision; and
  • portfolio company level fees as well as the offset of the management fees.

Successful applicants must adhere to Nest’s sustainability protocols regarding general exclusions and specific sub-sector exclusions, such as coal and alcohol.

The deadline of 10 May at 17:00 UK time was given as the final date for managers to indicate their interest through IPE Quest.

The IPE news team is unable to answer any further questions about IPE Quest, Discovery, or Innovation tender notices to protect the interests of clients conducting the search. To obtain further information contact IPE Quest directly.

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