Stephen O’Neill has left NEST after nearly 17 years, having most recently served as head of infrastructure and natural capital at the £49.8bn (€57.6bn) UK pension fund.
NEST declined to comment, but IPE Real Assets understands the process for recruiting a successor has begun.
O’Neill was head of private markets from 2019 to 2025, leading the defined contribution (DC) pension scheme’s expansion into illiquid asset classes, including real estate and infrastructure. In 2025, his role changed to focus more specifically on infrastructure and natural capital.
NEST is the largest workplace pension provider in the UK and the country’s biggest DC master trust. The growth in membership and assets has seen it expand into private markets, including infrastructure.
In 2025, it took a 10% stake in global infrastructure fund manager IFM Investors and has recently made investments in UK infrastructure and commitments to infrastructure debt.
In a podcast last year, O’Neill told IPE Real Assets that private markets were going to be essential for pension funds to meet savers’ retirement goals.
O’Neill was not reachable for comment.
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