The UK defined contribution fund, NEST has added a number of new asset classes to its portfolio over the past year – including infrastructure with a focus on renewables – but the fund is still missing an allocation to private equity. CIO Mark Fawcett spoke to Amanda White about the fund’s challenge to the industry on private equity fees, its focus on climate-aware portfolios and innovative approaches to portfolio management. From a standing start 10 years ago the UK defined contribution fund NEST has amassed £17 billion on behalf of 10 million members and has built a diversified portfolio with innovative implementation and fee structures.