- The strategic case for private credit is changing, as LPs look at broader risks and GPs tie up with pension risk insurers to boost their origination engines
Top stories
European research budgets stagnate while US peers increase spend
US firms increase research budgets while European peers lag amid regulatory constraints and CSA uncertainty
Dutch pooled pension schemes HNPF and Stap to merge into €18bn fund
The duo plans to merge in 2027, creating a combined €18bn vehicle with more than 150,000 participants
Finnish pension CEOs say cuts talk is about weak state finances
Keva, Ilmarinen, Varma and Veritas reveal losses for January to March of between -0.1% and -0.5% after Iran war shook markets
Swiss pension funds review currency hedging, avoid tactical shifts
Dollar exposure and gold allocations prompt review of FX hedging, but long-term strategies remain unchanged
Kenfo expands defence allocation amid shifting investor sentiment
Sovereign-style investor Kenfo relaxes defence exclusions as geopolitical pressures and institutional investor demand reshape allocation strategies across Europe
Lower funding ratios for Dutch pension funds as Iran War bites
Dutch pension funds see Q1 funding setbacks as markets reel from Hormuz tensions
Efforts to raise trustee standards must preserve what works
Morten Nilsson of Brightwell Pensions on avoiding the onerous requirements that could further shrink the pool of lay trustees
Private credit’s façade of liquidity is beginning to fracture
The retailisation of private credit has broad implications for the functioning of this growing market
Greece’s recovery: a work in progress
Things have change materially since the dark days of 2015, when Greece was on the verge of leaving the EU – but there is still a lot of catching up to do
People moves: UK’s Northern investment pool picks chair, CEO
At Northern LGPS, Elizabeth Renshaw-Ames was named chair, while Paras Anand was appointed as chief executive officer
Emma Douglas named chair of UK Pensions Regulator
Her five-year term begins on 1 July 2026, when current interim chair Kirstin Baker steps down
LD Pensions switches to Federated Hermes EOS for engagement
Danish pensions manager also tightens up exclusion process, and improves systematic follow-up of milestones and dialogue progress
Swiss pension funds review currency hedging, avoid tactical shifts
Dollar exposure and gold allocations prompt review of FX hedging, but long-term strategies remain unchanged
IPE Netherlands Briefing: Dutch pension fund returns disappoint
Dutch pension funds delivered an average return of -2.9% in 2025 as positive equity returns failed to compensate for losses made on bond portfolios
Nearly half of European assets now run by US managers
‘Europe is quietly losing control over how its capital is allocated’, warn observers
IPE DACH Briefing: Germany’s third-pillar shake-up draws new entrants to pension market
Plus: German Pensionskassen are looking to pool assets to access specialised investment strategies
A return to arms: how asset owners are reevaluating their defence exclusions
Some are ditching all screens, some are introducing stronger restrictions
ABP CIO Herman Bril: I understand fossil fuel investors
The new CIO also talks about cutting its US Treasuries exposure and playing for ‘Team NL’
Compenswiss adapts investment strategy to changing outlook for Swiss social security
Frank Juliano, chief investment strategist at Compenswiss, talks about the fund’s new asset allocation choices, as the outlooks of the three social security funds managed by the organisation diverge
Pushing green boundaries in credit
Daniel Spencer, portfolio manager at Brunel Pension Partnership, explains how a lack of responsible investment tools spurred the UK pool to develop its own products and processes in areas like multi-asset credit
Listed equities: Beyond the Magnificent Seven, betting on the future of AI
America’s tech giants not only dominate equity indices; they are breaking records for capital expenditure on AI. How are European pension funds approaching their allocation to the Mag 7?
Kate El-Hillow, Russell Investments: “You don’t want things in silos”
Kate El-Hillow, president and CIO of Russell Investments, tells Carlo Svaluto Moreolo about competing in fiduciary management, private markets and total portfolio allocation
IPE Magazine March/April 2026
Read the latest issue of IPE Magazine
Browse the digital edition and find highlights from this month's issue below
Digital edition of IPE magazine
March/April Highlights
Soil carbon has emerged as a legitimate asset class
The announcement in January that Microsoft has made a commitment to purchase 2.85m soil carbon removal credits from Indigo Carbon PBC over a period of 12 years suggests that something fundamental has changed in the soil carbon credits market.
European private credit: From niche to mainstream
The strategic case for European private credit remains strong but is evolving
Emerging market equities: Outshining their advanced economy peers
Dollar weakness and AI capex spend combine as developing economies outperform despite tariff headwinds
Pushing green boundaries in credit
Daniel Spencer, portfolio manager at Brunel Pension Partnership, explains how a lack of responsible investment tools spurred the UK pool to develop its own products and processes in areas like multi-asset credit
Listed equities: Beyond the Magnificent Seven, betting on the future of AI
America’s tech giants not only dominate equity indices; they are breaking records for capital expenditure on AI. How are European pension funds approaching their allocation to the Mag 7?
Asian sovereign bonds gain appeal as investors seek diversification
Sovereign issuers from Asian developed and emerging economies are attracting capital flows from global investors
IPE Quest Expectations Indicator – April 2026: repercussions of war in Iran
Managers expect continued pressure on equity markets, as the wider effects of the Iran war are felt both in terms of sentiment and actual growth
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