Stichting Pensioenfonds ABP, Europe’s largest pension fund, has bought a 10%-15% stake in socially responsible investing investment research and advisory firm Innovest Strategic Value Advisors for an undisclosed sum.
The companies declined to disclose the value of the transaction, though Matthew Kiernan, Innovest’s founder and managing director says that the figure is insignificant in terms of ABP’s overall size. He was not able to give a precise figure for the size of the stake, but gave a “ballpark” figure of 10%-15%.
“For us, this represents a strategic investment in knowledge capital in an area which we believe to be one of the most critical factors driving the future of fiduciary investment,” says Jean Frijns, chief investment officer at ABP. Also as part of the deal, State Street Global Alliance, a joint venture with ABP, is to take a small undisclosed stake in Innovest.