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Alpinvest picks up fresh ABP mandate

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NETHERLANDS - APG has extended an investment agreement with Alpinvest, the alternative investment manager, which will see it invest another €4bn on behalf of the ABP pension fund over the coming years.

A spokesman for the ABP pension fund said a new mandate has been signed with Alpinvest which means the €170bn civil servants' pension scheme will invest approximately €7bn, or 4% of their assets, in private equity, against a strategic target allocation of 5%.

Alpinvest is the private equity vehicle jointly owned by the Netherlands' two largest pension funds, ABP and PfZW - then named ABP and PGGM - which was spun out of NIB Capital in 2004 and has since received large sums of money in mandates from the two pension funds.

This latest move means ABP is seeking to hold approximately 5% in private equity, 6% in hedge funds, 3% in convertible bonds, and 3% in infrastructure, but reduce its equity allocation back down again by three percentage points to 29%, matching a slight change in the allocations decided in April this year.

The strategic investment portfolio originally set out for 2007-2009 was previously specified as:

Developed country equities 27%; Emerging markets equities 5%; Corporate bonds 23% Government bonds 10% Price-indexed bonds 7% Real estate 9% Private equity 5%; Hedge funds 5%;
Commodities 3%; Convertible bonds 2%; Infrastructure 2%, and Innovation 2%.

APG is the asset manager spun out of the ABP pension fund, and now manages the assets of the ABP fund as well as money for Italian pension provider PensPlan.

If you have any comments you would like to add to this or any other story, contact Julie Henderson on + 44 (0)20 7261 4602 or email julie.henderson@ipe.com

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